Fintech News Singapore
February 22, 2024
Forbes highlighted key contributors to the fintech sector in its 9th annual Fintech Top 50 list, with Singapore-based payments company Nium being the only Asian company featured this year.
First launched in 2014 under the name InstaReM, Nium has developed into a significant global fintech presence. Currently valued at US$2 billion, the company is one of Singapore’s few fintech unicorns and oversees over US$8 billion worth of transactions per year for a variety of banks and payment institutions, and its B2B presence includes Rippling, Payoneer and Currentcloud. . ward.
Prajit Nanu
“We are honored to once again be ranked among the world’s best companies on the Forbes Fintech 50 list. We’ve worked hard to meet our customers’ needs through new products, new verticals and geographic expansion. Our goal this year is to continue our path to delivering the global payments infrastructure of today, tomorrow.”
Nium co-founder and CEO Prajit Nanu told Fintech News Singapore.
Expanding Nium beyond Singapore into the UK and US was instrumental in Nium’s recognition by Forbes. To qualify, a company must be based in the United States or have significant operations there and not be part of a public company.
This comes against a backdrop of significant challenges within the fintech industry, including a decline in venture capital funding from $141 billion in 2021 to $39 billion in 2023, declining overall valuations and increasing industry growth, as reported by CB Insights. fire.
Nium’s inclusion on the Forbes Fintech 50 list reflects Nium’s performance and growth within the global fintech space, as well as the sector’s resilience in the face of economic challenges.
Featured image source: Edited from Freepik