Nium
Nium is a Singapore-headquartered financial technology company that provides cross-border payments, money movement, card issuing, and payout infrastructure for businesses.
Last updated August 31, 2026
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Overview
Nium is a Singapore-headquartered cross-border payments and financial technology company. The business began in 2014 under the name Instarem, founded by Prajit Nanu and Michael Bermingham to provide faster, more transparent international remittances for consumers. Its initial proposition centered on online money transfers using competitive exchange rates and clearer pricing than many traditional remittance channels. The company broadened its scope as it developed infrastructure for business customers. In 2016, it introduced a business-to-business payments platform, allowing companies, banks, and other financial institutions to use its capabilities for international transfers and payouts. By 2017, the business had opened offices in markets including the United Kingdom, Hong Kong, and Malaysia, obtained additional electronic-money and payments permissions, and reported processing more than US$1 billion in transfers. It subsequently expanded its payment corridors and developed capabilities for real-time delivery, card issuing, and embedded payments. In 2019, the company rebranded its business payments platform as Nium. Instarem continued as a wholly owned consumer-facing service, while Nium became the broader corporate identity for the group’s global payments infrastructure. The platform’s services have included international payouts, foreign-exchange and treasury functions, virtual and physical card issuing, alternative payment methods, travel payments, and payment solutions for banks, marketplaces, travel companies, and other enterprises. Nium has emphasized the ability to connect businesses to local payment rails and deliver funds in multiple currencies and jurisdictions. Nium began an acquisition phase in 2021, purchasing Ixaris, a travel-payments optimization company, and Wirecard Forex, an India-focused payments-services business. In 2022, it agreed to acquire Socash, a Singapore-based alternative-payments network. The Socash transaction also brought an International Remittance Hub licence in Malaysia, strengthening Nium’s regulatory and payout capabilities there. The company has additionally formed partnerships with organizations including the International Cricket Council, Stellar Development Foundation, Zero Hash, Thredd, Paycell, G2 Travel, Visa, and Diners Club International to expand its reach across sports sponsorship, blockchain-enabled payouts, crypto-to-fiat services, card issuing, travel payments, and settlement infrastructure. The company raised venture and growth capital from investors including Global Founders Capital, Vertex Ventures Southeast Asia & India, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Ventures, BRI Ventures, Visa, and the Brunei Investment Agency. A 2021 funding round of US$200 million was associated with the company attaining unicorn status, although Nium remained privately held. In 2023, chief executive Prajit Nanu said the company was considering a United States public listing. In 2024, Nium revised its intended timetable, moving the target from the second quarter of 2025 to the end of 2026 while citing the need to strengthen its leadership team. Nium also experienced organizational contraction after rapid hiring in 2021 and 2022. Instarem reportedly reduced its workforce by about 10% in mid-2023, and Nium announced a global reduction of more than 10% in October 2023. The changes coincided with senior leadership departures, including the exit of Chief Product Officer Robin Gandhi and the departure of Pratik Gandhi, who had been elevated to co-founder in 2021. Nium remains an active private payments company focused on global business money movement and financial infrastructure.
History
Nium originated as Instarem, a Singapore-based online remittance business founded in 2014 by Prajit Nanu and Michael Bermingham. The founders sought to make international money transfers more transparent and secure by using online processing and exchange rates that were closer to live market rates. The original consumer service was built around the idea of immediate or near-immediate remittances rather than the slower, less transparent processes associated with some traditional money-transfer channels. The company’s first major strategic shift came in 2016, when it began developing a business payments platform. Instead of serving only individual remittance customers, Instarem started targeting banks, companies, and other institutional users that needed international transfers and payment infrastructure. In 2017, it expanded its physical and regulatory presence by opening offices in the United Kingdom, Hong Kong, and Malaysia and obtaining electronic-money or payments licences in Malaysia and the European Union. That year, it reported processing more than US$1 billion. Its payment network continued to widen, and by 2018 the company stated that it could deliver funds in real time to more than 50 countries. It also introduced a card-issuing platform. In 2019, the business payments operation was rebranded as Nium. Instarem remained in use as a wholly owned consumer-facing remittance service, while Nium became the group’s principal corporate and infrastructure identity. The new platform was designed to support global payments, foreign exchange, payouts, card programmes, and access to local payment methods. The company’s expansion reflected a broader fintech trend in which regulated payment infrastructure is offered to other businesses as an embedded service. Nium moved into acquisitions in 2021. It bought Ixaris, a travel-payments optimization company, and Wirecard Forex, a payments-services business in India. The acquisitions were intended to increase Nium’s capabilities in travel and regional payments. In the same period, the company raised significant growth capital and became associated with unicorn status. Pratik Gandhi was elevated to co-founder in 2021, although he later left the company in 2023. The company continued expanding through partnerships and acquisitions in 2022. It agreed to acquire Socash, a Singapore alternative-payments network focused on non-traditional physical outlets. The transaction also provided access to an International Remittance Hub licence in Malaysia. Nium announced expanded real-time payments in Malaysia, a relationship with the Stellar Development Foundation to support payouts to 190 countries, and a partnership with Zero Hash to enable crypto-to-fiat payment services for eligible US customers. It also appointed executives in product, legal, and technology roles and added independent directors Huey Lin and David Yates to its board. Travel became an important part of Nium’s strategy. In late 2022, it launched Nium Airline Payments, a closed-loop payments product powered by Universal Air Travel Plan for airlines, travel agents, and online travel agencies. Subsequent initiatives included an expanded relationship with Thredd for virtual cards in Asia-Pacific, a Diners Club International card for global travel partners, and a partnership with G2 Travel to provide virtual-card payments to hotels in local currencies. Nium’s growth plans were tempered by a reduction in staffing after extensive hiring in 2021 and 2022. Instarem reduced its workforce by about 10% in mid-2023, and Nium announced a global reduction of more than 10% in October of that year. The period also saw the departure of Pratik Gandhi and Chief Product Officer Robin Gandhi. In 2023, Chief Executive Prajit Nanu discussed a possible US listing targeted for the second quarter of 2025. In September 2024, the company shifted that target to the end of 2026, stating that it wanted to strengthen its leadership team before pursuing a listing. Nium raised US$50 million in a Series E round in June 2024, led by the Brunei Investment Agency. It subsequently expanded its travel-card and virtual-card activities and announced participation in Visa’s stablecoin settlement pilot using USDC on supported blockchains. In 2026, Nium announced appointments in technology, risk and compliance, and marketing. The company remains privately held and active, with a business model centered on cross-border payments and financial infrastructure for global enterprises.
- 2024
Series E funding and revised listing plan
[1]Nium raises US$50 million in Series E funding and moves its intended US-listing target to the end of 2026.
- 2022
Socash acquisition and payments partnerships
[1]Nium agrees to acquire Socash and announces initiatives involving Malaysia, Stellar, Zero Hash, and travel payments.
- 2021
First acquisitions and major growth funding
[1]Nium acquires Ixaris and Wirecard Forex and raises a reported US$200 million Series D round.
- 2019
Nium brand launches
[1]The business payments platform adopts the Nium name, while Instarem continues as the consumer service.
- 2018
Real-time delivery and card issuing expand
[1]The company expands real-time fund delivery to more than 50 countries and launches a card-issuing platform.
- 2017
International expansion and billion-dollar processing milestone
[1]Instarem opens offices in several international markets, obtains additional licences, and reports processing more than US$1 billion.
- 2016
Business payments platform introduced
[1]The company expands from consumer remittances into payments infrastructure for businesses, banks, and other institutions.
- 2014
Instarem is founded
[1]Prajit Nanu and Michael Bermingham establish Instarem in Singapore as an online consumer-remittance business.
Products and positioning
A global payments infrastructure provider for businesses, banks, travel companies, marketplaces, and other institutions that need cross-border transfers, local payment access, foreign-exchange services, payouts, and card programs.
Business payments infrastructure · 2016
Nium business payments platform
Nium’s core platform provides cross-border money movement and payout infrastructure for businesses, banks, marketplaces, and other institutions. Its capabilities include international transfers, foreign-exchange support, access to local payment rails, and delivery of funds in multiple currencies and jurisdictions. The platform is designed to be integrated into enterprise workflows rather than used only as a consumer-facing remittance application.
Consumer remittances · 2014
Instarem
Instarem is the consumer-facing remittance service that preceded the Nium corporate brand and continued as a wholly owned service after the 2019 rebrand. It focuses on online international money transfers, with an emphasis on transparent pricing, competitive exchange rates, and digital delivery.
Travel payments · 2022
Nium Airline Payments
Nium Airline Payments is a closed-loop payments solution powered by Universal Air Travel Plan. It is intended for airlines, travel agents, and online travel agencies seeking a controlled payment model for travel-related transactions and supplier settlement.
Card issuing · 2018
Nium virtual card issuing
Nium provides virtual-card issuing capabilities for business and travel use cases. These programmes can be used by travel companies, online travel agencies, and other enterprises to make controlled supplier payments, manage spending, and transact in local currencies. Its relationship with Thredd expanded virtual-card issuance in the Asia-Pacific region.
Travel card · 2025
Nium Diners Club International card
Launched for global travel partners, the Diners Club International card expands Nium’s network options for airlines and online travel agencies. It is positioned as part of the company’s travel-payments offering rather than as a general consumer banking product.
Controversies
Indian enforcement investigation involving frozen funds
India’s Directorate of Enforcement reportedly froze funds in accounts associated with Nium Indian Pvt Ltd during an investigation into alleged money laundering connected with illegal online lending, gambling, and betting applications. The available reference does not establish that Nium itself was found liable or guilty of wrongdoing.
Marketing campaigns
- 2021International Cricket Council partnership
International
Nium entered a multi-year strategic partnership with the International Cricket Council connected to several global cricket events, including men’s and women’s World Cups and the World Test Championship Final.
Outcome. The partnership associated Nium with ICC events through 2023 and supported the company’s international brand-building efforts.
Brand decisions
2024
Delay intended US public listingStrategyBackground
Nium had previously discussed pursuing a US public listing in the second quarter of 2025.
Action taken
The company revised the intended timetable to the end of 2026 and cited the need to strengthen its leadership team.
Aftermath
Nium remained privately held while continuing to expand its payments and travel infrastructure offerings.
2022
Acquire SocashM&ABackground
Nium wanted to strengthen alternative payment access and its regulatory position in Malaysia.
Action taken
Nium agreed to acquire Socash, a Singapore-based alternative-payments network, along with access associated with an International Remittance Hub licence in Malaysia.
Aftermath
The deal supported Nium’s local-payment and remittance expansion in Southeast Asia.
2022
Launch Nium Airline PaymentsProduct launchBackground
Travel businesses require payment mechanisms that can control settlement and supplier transactions within the travel ecosystem.
Action taken
Nium launched a closed-loop airline and travel-payments solution powered by Universal Air Travel Plan.
Aftermath
The launch deepened Nium’s focus on airlines, travel agents, and online travel agencies.
2021
Acquire Ixaris and Wirecard ForexM&ABackground
Nium sought to broaden its capabilities in travel payments and regional financial services.
Action taken
The company made its first reported acquisitions, buying Ixaris and Wirecard Forex.
Aftermath
The transactions expanded Nium’s travel-payments and India-related payments capabilities.
2019
Separate the corporate Nium brand from consumer InstaremStrategyBackground
The company had expanded from consumer remittances into business payments and broader financial infrastructure.
Action taken
It rebranded the business payments platform as Nium while retaining Instarem as a wholly owned consumer service.
Aftermath
The structure allowed Nium to present a distinct enterprise identity while preserving the established Instarem remittance brand.
Recent events
Nium completes acquisition of Ixaris[2]
Reported:
Nium completed its acquisition of payments optimisation company Ixaris, which became Nium's latest payments business unit; all 86 Ixaris employees in London and Malta joined Nium.
Nium announces planned acquisition of Ixaris[3]
Reported:
Nium announced its planned acquisition of virtual card payments company Ixaris; the transaction was planned for the third quarter and the amount was not disclosed.
Rimuut partners with Nium on international payment services[4]
Rimuut and Nium announced a strategic partnership under which Rimuut will use Nium’s payout network and cross-border collection service, with access to additional markets including Taiwan and the Philippines.
Aspire and Nium partner to enable virtual corporate cards on Google Pay[5]
Reported:
Aspire and Nium announced a collaboration to issue virtual Visa corporate cards and make Aspire cards available on Google Pay.
Nium and Visa announce European corporate card partnership[6]
Reported:
Nium announced a partnership with Visa to provide white-labelled corporate cards in Europe, issued by Nium and powered by Visa.
Nium secures a new equity funding round[7]
Reported:
Nium disclosed that it had secured a new round of equity funding, with contributions from new investors BRI Inventures and Visa as well as existing investors. The amount raised was not disclosed.
Nium partners with Visa to enable payments to Indonesia[8]
Reported:
Nium partnered with Visa to use Visa Direct for sending money to Indonesia. Nium's CEO said the partnership would let consumers transfer money faster, more conveniently and securely.
InstaReM rebrands as Nium[9]
Reported:
Payments fintech InstaReM announced that it had rebranded as Nium, while the InstaReM brand would remain as a remittance platform powered by Nium.
Sources11 sources
- 1Niumen.wikipedia.org
- 2Nium完成对Ixaris的收购thepaypers.com
- 3Nium 宣布计划收购 Ixarisskift.com
- 4Rimuut与Nium合作提供国际支付服务financialit.net
- 5Aspire与Nium合作支持在Google Pay上使用虚拟企业卡business-review.eu
- 6Nium与Visa宣布欧洲企业卡合作fxcompared.com
- 7Nium获得新一轮股权融资crowdfundinsider.com
- 8Nium与Visa合作，为印尼提供汇款服务u.today
- 9InstaReM更名为Niumconnectedtoindia.com
- 10InstaReM rebrands to Nium, world’s first global enterprise payments platform - TravHQtravhq.com
- 11Payments Fintech InstaReM Rebrands As "Nium" | Crowdfund Insidercrowdfundinsider.com
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