Payments startup Nium opens headquarters in Singapore, eyes IPO in 2 years

DPM Heng Swee Keat (centre) with (from left) EDB Managing Director Jacqueline Poh, Nium Co-Founders Prajit Nanu and Pratik Gandhi, Enterprise Singapore Managing Director Jeffrey Siow and Vertex CEO Kee Lock Chua at the ribbon-cutting ceremony on July 3, 2023.

Global payments startup Nium said its new headquarters in Singapore, which was unveiled on Monday, will serve as its strategic hub for clients across Asia-Pacific, the Middle East and Africa.

The company also said it plans to grow its local headcount by more than three times in a few years, from 90 employees now to 300, and aims to launch an initial public offering within two years.

“We want to be one of the first of our peers to go public,” said Nium Co-Founder and Chief Executive Prajit Nanu.

The startup, which gained unicorn status after its valuation reached US$1 billion (S$1.35 billion) following a series D funding round in 2021, has headquarters in San Francisco and Singapore, with more than 20 regional offices worldwide. It holds regulatory licences and authorisations in more than 40 countries.

Series D funding is the fifth round of financing for a startup and typically occurs after the company has reached a level of maturity.

Nium’s journey tracks the growth and development of Singapore’s fintech ecosystem, said Deputy Prime Minister Heng Swee Keat, who was the guest of honour at the official opening of the headquarters at Capital Tower in Robinson Road.
 

Highlighting how fintech investments in Singapore grew 18-fold, from US$230 million in 2017 to more than US$4 billion in 2022, Mr Heng said: “This is built on the strong infrastructure and frameworks that we already have in place as an international financial centre.

“This is also enabled by the Monetary Authority of Singapore’s forward-looking and balanced posture of encouraging fintech innovation while guarding against risks, through sandboxes and industry-led pilot.”

The company announced on Monday that it will expand Bolt, its global fintech accelerator designed for seed-stage startups in the fintech space.

According to its website, Bolt does not provide any funding, but connects startups to its network of venture capital partners.

The programme, which was founded in Singapore, will be extended to Silicon Valley, San Francisco, and will serve Singaporean companies looking to establish a foothold in the United States.

Nium was launched in 2014 by Mr Nanu, Mr Michael Bermingham and Mr Pratik Gandhi, with a payout network that now supports 100 currencies across more than 190 countries, 100 of which are in real time. Its virtual and physical card issuance business is available in 35 countries.

Funds can be disbursed to accounts, wallets and cards, as well as collected locally in 35 markets.

In June, Nium was listed on the Forbes Fintech 50, a list of the most innovative companies in fintech.

In late 2022, Nium announced that its official Great Place to Work Certification spans four countries: India, Malta, Singapore and the US. The certification is based on the Great Place to Work Trust Model, a data-based model for quantifying employee experience.

Mr Nanu said that the startup’s infrastructure, localisation and accessibility are what sets it apart from its competitors.

“We have a team in Japan and Brazil, and we’re building in Latin America... A lot of it is building infrastructure, making ourselves available, and providing our access points,” he told The Straits Times.

“I think making payments accessible for all is a core part of what we do,” he added.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.