London, 30 October 2019: Leading digital cross-border payments provider InstaReM is rebranding to become part of Nium. Headquartered in Singapore, Nium is the global payments platform to enable businesses to send, spend and receive money from around the world, in addition to empowering them to develop their own products that simplify cross-border payments. Nium’s ambition is to create a world of ‘Open Money’ where everyone’s money is free for them to use – whenever, wherever and however they wish.
The launch of Nium was announced at the Money 2020 USA event in Las Vegas on 27 October 2019.
Stemming from the Sanskrit word for rules and principles, Nium encapsulates what it’s about — rewriting the rules to ensure financial freedom for everyone, everywhere.
Nothing like Nium and its ‘Open Money Network’ has ever been created before. Organisations working with Nium will have the opportunity to become a member of ‘The Open Money Network’, a digital collective of financial institutions, fintechs, ecommerce platforms, travel companies and online marketplaces. In addition to using Nium’s ability to send, spend and receive money, members of the network will be able to use the platform to build new products and services free from legacy system constraints.
Businesses will be able to use Nium in three ways: buying Nium’s off-the-shelf products, working with Nium to build custom integrations for their enterprise tech stack, or by using the Nium platform to build innovative products and services that make the cross-border movements of money quicker, more convenient and cost-effective.
As one of the first organisations to partner with global payments giant Visa’s Fintech Fast-track programme, Nium will work with prominent financial institutions and high-profile start-ups to help them build the financial products and services that a future of ‘open money’ demands.
The team behind InstaReM has been gearing up to become Nium since their recent USD 41 million Series C funding round earlier this year, a round that made it one of the best funded fintech companies in Southeast Asian history.
Prajit Nanu, the India-bred Co-Founder and CEO of Nium said:
“As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. We have worked really hard in the last four years to build new capabilities that open a world of possibilities in the global payments universe. To express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstaReM to “Nium”, which is the Sanskrit word for rules and principles. We aspire to become enablers; creators of an open platform that businesses and partners use to build a world free of old constraints and restrictions – a true world of Open Money. This is Nium.”
- Nium is founded by the team that created InstaReM in 2014. InstaReM is regulated in the U.S., the European Union, Singapore, Canada, Hong Kong, India, Australia and Malaysia, and processes billions of dollars a year for banks, payments institutions and retail users across the world. InstaReM is backed by investors including Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures, Beacon Venture Capital, Vertex Growth Fund and Atinum Investment.
- The Nium platform is used to create a wide range of payment services grouped into three categories: Send, Spend and Receive.
- Send – real-time cross-border payments, local ACH payments, sending funds to a Visa debit card, remittance as a service, remittance apps, embeddable payouts, API tool integrations.
- Spend – BIN sponsorship, B2B commercial payments, employee expense cards, supplier card payments, customer cards and UTAP.
- Receive – Collection via virtual accounts and cards, split payments, invoice collection, personal fund collection, invoice collection, marketplace/website payments, automated receivables tracking and master merchant solutions.
- Organisations working with Nium will have the opportunity to become a member of ‘The Open Money Network’, a digital collective of financial institutions, fintech organisations, ecommerce platforms, travel companies and online markets.
Find out more about Nium by visiting www.nium.com