Payment companies bag $250 million in funding

Singapore based B2B payments company, Nium has announced that it raised $200+ million in its Series D funding round. The round was led by Riverwood Capital. Other investors participating in this round of funding were Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital and Rocket Capital Investment.

With this $250 million funding, commercial payment companies have bagged $4.85 billion in startup funding in 2021.

Nium’s valuation is now more than $1 billion and the company claims to be the first B2B payments unicorn in the Southeast Asia region. The funding raised will be used towards the company’s ‘payment infrastructure, drive innovative product development, attract top industry talent, and acquire strategic technologies and companies’.

Last week, Visa, Nium and Fuiou Pay collaborated on the global business payment solution.

With this funding, the company now has raised $300 million. The company has scaled its business in past years and it now processes $8 billion in payments annually and has issued more than 30 million virtual cards and revenue grew by 280% year-over-year.

It also noted that its success will be driven by its recent acquisition of Ixaris and Wirecard Forex India Pvt Ltd. Financial Technology Partners (FT Partners) served as exclusive strategic and financial advisor to Nium on its Series D.

In other news, California based blockchain-based B2B payments company Paystand has also announced its $50 million Series C round of funding which was led by NewView Capital and other participants included SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital.

The funding raised will be used ‘to invest in redefining B2B payments to accelerate the shift to a more business-centric payment infrastructure’. The press note stated that this funding round reflects ‘the company’s triple-digit growth as it leads the movement for an open commercial finance system’.
This year, Paystand and Sage partnered for the integration of B2B payments.

As per the press release, the company uses cloud technology and Ethereum blockchain to power the company’s Bank Network which is a digital, highly secure B2B payment network.

“DeFi (Decentralised Finance) and blockchain represent the largest shift in our economy in over a generation. B2B payments can now happen instantly and securely as money has become software; yet, most finance teams are still mired in paper, manual processes, and fees,” says Paystand co-founder and CEO Jeremy Almond.