Nium announces 2022 net revenue grew 2.7x YoY to US$82M
The company's 2022 annual audit shows impressive growth with a focus on regional expansion, becoming first fintech startup from Singapore to have over 20 offices globally
SAN FRANCISCO and SINGAPORE, July 31, 2023 /PRNewswire/ -- Nium, the leader in real-time global payments, has published its 2022 audit, showing US$82M in net revenue which grew 2.7x YoY and ended at more than $100M net revenue run rate. Nium is Singapore's first global fintech focused on payments to reach this revenue milestone. In 2022, the company focused its development on serving high-growth client use cases, in industries such as travel, payroll, spend management, and financial services. This strategy has allowed for the business to accelerate its growth agenda, including global expansion, organic product innovation, continued hiring of top talent, and M&A activity.
"Moving money across borders is broken," said Prajit Nanu, Founder and CEO at Nium. "Legacy banks and payment processors have failed to give businesses the solutions they need to expand globally. Nium fills this gap and has emerged as the new global business standard for real-time, cross-border money movement. We are thrilled to see such success last year and are extremely bullish on not only the scale we've already seen this year, but what we'll see by the end of 2023."
Nium has hundreds of clients across multiple industries including financial institutions, payroll, spend management, and travel. Financial institutions were a priority last year as Nium focused on helping them target new markets with instant bank payouts and expand to emerging markets. Nium powers among the largest brands and platforms in the globe, including Rippling, Payoneer, Amadeus, Aspire, MasterCard and eDreams.
Nium's issuing product also saw substantial success, with over 30M cards issued just last year. Nium helps navigate this rapidly changing landscape, by allowing travel intermediaries and operators to efficiently pay travel suppliers around the world, optimizing every transaction for maximum profitability. On the product side, the company launched Nium Airline Payments, a closed-loop payments solution powered by Universal Air Travel Plan, which provides airlines, travel agents, and online travel agencies with a sustainable and equitable 'closed loop' payment model.
Last year saw exponential growth on Nium's leadership team, including the hires of CPO, Robin Gandhi; GC, Dylan Lowrey; and CTO, Ramana Satyavarapu. With hiring at the forefront, the Nium team was awarded the Great Places to Work certification in India, Malta, Singapore, and the US. Nium also expanded into new markets, including Malaysia and Japan. Due to this expansion of the company and team, Nium saw a slightly higher burn rate than in 2021.
Over the past year Nium raised additional capital at a $2.0bn valuation, adding new investors such as BOND, NewView Capital, Moore Capital and Tribe Capital. The business is very well capitalized and continues to invest in product innovation, new markets and M&A opportunities. "Our investors believe in our mission of building the payments infrastructure for on-demand money and our funding has helped us accelerate our growth aspirations. We're thrilled to have the support of these notable investors and continue to look forward to working closely together to advance our business." said Nanu.
Nium plays in the foundational payment infrastructure market that has proven to be one of the few thriving markets during these challenging times. The company's extensive global reach, broad license portfolio, real-time payments network, enhanced payroll solution, and a team of industry leaders have been the pillars of its success. In 2023, Nium has been focused on regional expansion. The company's recent hires of Volker Steinle to lead Americas business development, Anupam Pahuja to lead Asia Pacific and Middle East business development, and Manuel Sandhofer to lead Europe business development are examples of that investment. This expertise, coupled with new licenses pending regulatory approval, has set Nium up for success in emerging markets including LATAM and Africa. The company has also recently opened new offices in San Francisco, Amsterdam, India, and Singapore.
About Nium
Nium, the leader in real-time global payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the on-demand economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium's growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore, with regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, and Chennai.
SOURCE Nium
Share this article