Ripple’s payment partner Nium reduces valuation by 30% in $50 million Series E funding round, aiming to fuel growth and global expansion.
Nium, Ripple’s payment partner, has reduced its valuation by 30% in its most recent $50 million Series E funding round, which was led by an undisclosed Southeast Asian sovereign wealth fund.
The Singapore-based company was valued at $1.4 billion, a 30% decrease from $2 billion in 2022, according to a blog announcement. The latest funding was provided by venture capital firms such as BOND, NewView Capital, and Tribe Capital.
Nium states that the proceeds will be allocated to the firm’s expansion plans, which include the acceleration of product innovation, the expansion of its global network, the recruitment of additional personnel, and the pursuit of mergers and acquisitions.
“Our investors believe in our long-term mission of building the payments infrastructure for on-demand money movement and this additional investment will allow us to accelerate our aspirations.”
Nium CEO Prajit Nanu
Nanu acknowledged the decreased valuation in a commentary to CNBC, stating that it was the consequence of a “broader depression in public market valuations of fintech companies.”
“Being realistic, when we raised in early 2022, public markets were killing it. The public markets have not been kind to fintech.”
Prajit Nanu
Nium remains dedicated to its intention of going public next year, despite the diminished valuation. Despite the absence of these plans in the official blog post, Nanu expressed his confidence in Nium’s development and expectation that the company will go public within the next 18 months, with an IPO anticipated for Q3-Q4 of 2025, in an interview with CNBC.
“Whether you go public at $1 billion, $5 billion, it doesn’t matter. Because the valuation is only when you get bought, or when you go through an IPO.”
Prajit Nanu
Nium, a cross-border remittances platform for overseas money transfers with close-to-live exchange rates, was established in 2014 by Prajit Nanu and Michael Bermingham. In early 2018, Nium formed a partnership with Ripple to utilize the RippleNet solution to provide payment corridors from North and South America to a variety of destinations in Southeast Asia.