Nium
Singapore-headquartered Fintech company
Nium is a Singapore-headquartered cross-border payments company. Initially founded by Prajit Nanu and Michael Bermingham, and launched as a consumer-remittance platform Instarem in 2014. In 2016, the company introduced its B2B payments platform and rebranded as Nium in 2019, subsequently elevating Pratik Gandhi to co-founder in 2021. However, Gandhi left Nium in October 2023, around the time Nium's Chief Product Officer also left the company and Nium announced a layoff of over 10% of its global staff.
History
Founders Prajit Nanu and Michael Bermingham developed a solution to provide transparent and secure cross-border remittances for overseas money transfers with close to live exchange rates. Instarem was incorporated based on the premise of instant online remittances.
By 2017, the company had begun to operate a cross-border payments platform targeted at business users, including banks and businesses. It opened offices in the UK, Hong Kong, Malaysia, acquiring Electronic Money Transfer licenses in Malaysia and the EU. It hit $1 billion USD in dollars processed in the same year. In 2018, real-time delivery of funds reached 50+ countries and the company launched its card-issuing platform. Subsequently, in 2019, the company rebranded to Nium with the launch of the Nium platform, with Instarem continuing to operate as a wholly owned consumer service.
The public source identifies “Nium” as singapore-headquartered Fintech company. This brief keeps that definition visible, then builds a research path around Nium, Singapore-headquartered and Fintech.
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This entry incorporates text from “Nium” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.