Nium, the cross-border payments platform formally known as InstaRem has secured funding from Visa and BRI Ventures which is a Corporate Venture arm of Bank BRI of Indonesia. The funding amounts in the latest round are not disclosed.
Nium has now a reach of millions of customers across 10 licensed jurisdictions, with Japan and Indonesia being the latest additions, according to the official press release. They serve clients across 6 continents and Mirco-service-driven model, they have payment process across industries such as eCommerce, large corporates and SMEs.
“I am thrilled to announce that we have closed another round of funding and added two more prestigious investors to our cap table,” said Prajit Nanu, CEO and Co-Founder of Nium. “Visa and BRI Ventures’ participation is a vote of confidence for our business model and its resilience despite the climate”.
According to the press release, Nium will be using these funds to further build their payments infrastructure. The large part of the funding will be used towards product development and tuck-in acquisitions. The other part will be used for expansion in markets like Europe, India, the U.K., and the U.S.