Nium, which helps businesses send, spend and receive money across borders, has secured an investment to support international expansion.
The capital injection was supplied by previous Nium backer Visa, and new investor BRI Ventures, the corporate venture arm of Bank BRI of Indonesia.
Following the close of the round, the FinTech will look to deepen its payment infrastructure as well as complete more acquisitions. Additionally, the company will boost its presence in Europe, India, the UK and the US.
Nium builds technology to help clients send, spend and receive funds. The company is regulated in Australia, Canada, European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and the United States of America, and processes billions of dollars a year for banks and payments institutions, it claims.
The company also operates InstaReM, a consumer and SME remittance offering which lets users send money to countries across Asia, Europe, Oceania and North America.
BRI Ventures CEO Nicko Widjaja said, “BRI Ventures always look to support developments in the banking and financial industry, especially for partners looking to provide digital financial care to customers in Indonesia.
“We have been working closely with Nium since their InstaReM days when they were processing consumer remittance, and are excited to witness their growth as they expand their service offerings to include financial institutions and corporates. The potential of financial technology is limitless and we forward look to supporting Nium on their path of growth as they expand their presence into Indonesia and beyond.”
The FinTech currently operates in 90 countries and supports 63 currencies.
Last year, InstaReM launched free electronic know-your-customer services for clients in Malaysia, to enable clients remote onboarding capabilities.
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