Singapore FinTech Startup Nium Raises $350 Million Ahead of IPO

Pre-IPO Round Values Nium at $3 Billion

Nium Pte. Ltd., a Singapore-based cross-border payments infrastructure company, raised $350 million in a pre-IPO funding round led by GIC, Singapore's sovereign wealth fund. Existing investors Temasek Holdings, Visa Inc., and Riverwood Capital also participated. The round values Nium at approximately $3 billion, up from $2.1 billion in its previous raise in 2022.

The company said it plans to use the proceeds for geographic expansion, regulatory license acquisition, and technology development ahead of a planned initial public offering on Nasdaq in the third quarter of 2026.

Cross-Border Payment Infrastructure

Nium operates a payments infrastructure platform that enables banks, fintechs, and enterprises to send and receive money across 100 countries in more than 65 currencies. The company processes approximately $25 billion in annual payment volume, growing at 45% year-over-year. Revenue for 2025 is estimated at approximately $280 million, with the company reaching adjusted EBITDA breakeven in the third quarter.

"Nium sits at the infrastructure layer of cross-border payments, which is a $180 trillion annual market with significant inefficiencies," said Prajit Nanu, Nium's co-founder and CEO. "Our platform replaces the correspondent banking chain with a single API integration."

License Portfolio

The company holds payment licenses in 40 jurisdictions, including the Monetary Authority of Singapore, the U.K. Financial Conduct Authority, the EU's payment institution license (via Lithuania), and multiple U.S. state money transmitter licenses. This license portfolio, built over nine years, represents a significant barrier to entry for competitors.

Nium recently obtained licenses in Japan, South Korea, and Australia, completing its coverage of major Asia-Pacific markets. The company is pursuing additional licenses in Saudi Arabia, Brazil, and Nigeria to expand into emerging corridors.

Client Base and Revenue Model

Nium serves over 300 enterprise clients, including Visa, BNP Paribas, Standard Chartered, and Trip.com Group. Revenue is generated through transaction fees (typically 0.3% to 0.8% of payment value), foreign exchange margins, and platform subscription fees for API access.

The company's Travel vertical, which provides multi-currency card issuance and payment processing for online travel agencies and airlines, accounts for approximately 35% of revenue. The Enterprise B2B payments segment, serving corporate treasury and supply chain finance use cases, contributes 40%.

IPO Market Context

Nium's planned listing comes amid a revival of fintech IPOs globally. Stripe's anticipated public listing in the United States, reportedly at a valuation above $65 billion, has renewed investor appetite for payments infrastructure companies. London-based Checkout.com and Brazilian neobank Nubank have also signaled IPO readiness.

In Southeast Asia, Nium would become the first major fintech to list on a U.S. exchange since Grab's SPAC debut in 2021, providing a valuation benchmark for the region's maturing fintech ecosystem.

Competitive Landscape

Nium competes with Wise (market cap: $12 billion), Payoneer (market cap: $4 billion), and Airwallex (valued at $5.6 billion in its last private round) in the cross-border payments infrastructure space. The company differentiates through its license breadth, real-time payment rails, and focus on B2B rather than consumer transactions.

Goldman Sachs and JPMorgan have been appointed as joint bookrunners for the planned IPO. The offering is expected to raise $400 million to $500 million, with the company targeting a free float of 15% to 20%.