Fintech
Ripple Fintech Partner Nium Cuts Valuation by 30%
Singapore-based cross-border payments company Nium has raised $50 million in a new funding round, marking a 30% discount from its previous valuation.
RippleNium’s payments partner cut its valuation by 30% in its latest $50 million Series E funding round led by an undisclosed Southeast Asian sovereign wealth fund. According to announcement on the blogthe latest funding, backed by venture capital firms such as BOND, NewView Capital and Tribe Capital, valued the Singapore-based company at $1.4 billion, down 30% from $2 billion in 2022 .
The proceeds will be used to further accelerate the company’s growth plans, Nium says, adding that it intends to fuel global network expansion, accelerate product innovation, expand staff and pursue mergers and acquisitions activity.
“Our investors believe in our long-term mission to build a payments infrastructure for the movement of money on demand, and this additional investment will allow us to accelerate our aspirations.”
Prajit Nanu, CEO of Nium
In a comment on CNBC, Nanu acknowledged the valuation decline, saying the drop was the result of a “broader depression in public market valuations of fintech companies.”
“If we’re realistic, when we relaunched in early 2022, the public markets were killing it. Public markets have not been kind to fintech.”
Prajit Nanu
Despite the reduced valuation, Nium remains committed to its plans to go public next year. Although these plans were not mentioned in the official blog post, Nanu told CNBC that he is still optimistic about Nium’s growth and confident that the company will go public within the next 18 months, aiming for a IPO in the third-fourth quarter of 2025.
“Whether you go public at $1 billion, or at $5 billion, it doesn’t matter. Because valuation only happens when you get bought out or when you go through an IPO.
Prajit Nanu
Founded in 2014 by Prajit Nanu and Michael Bermingham, Nium is a cross-border remittance platform for overseas money transfers with close-to-real exchange rates. In early 2018, Nium collaborated with Ripple to use the company’s RippleNet solution to offer payment corridors from North and South America to a number of destinations in Southeast Asia.