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Nium to make acquisition worth USD 400 Mn to drive European expansion

Date: April 30, 2022 Meghna Singh Meghna Singh
Nium to make acquisition worth USD 400 Mn to drive European expansion 
Nium, a Singapore-based digital payments firm, has reportedly planned to acquire a venture worth nearly USD 400 million to steer expansion in the European fintech market.



According to Co-Founder and Chief Executive Officer Prajit Nanu, Europe is an important business for the organization. Nium is holding talks to purchase a payments venture worth anywhere between USD 20 million to USD 400 million.



Out of its global workforce of 1,000 personnel, Nium has around 150 Europe-based employees and intends to employ more than 100 personnel over the next year, the CEO added.



This year, Nium is on track to produce annual global revenues of USD 150 million, with sales between USD 80 million and USD 90 million coming from Europe.



Although it is a little-known fintech firm, Nium is growing at a rapid rate. Recently, the company reached a valuation of USD 2 billion and has garnered some well-known investors, including state investment firm Temasek and Visa.



The start-up has fierce competition from fintech firms as well as banking incumbents like Australia’s Airwallex, and Britain’s Wise. Nium considers Transfergo and Currencycloud as clients.



The fintech sector of Europe is highly competitive with privately-owned start-ups worth billions of dollars contending to hold market share from existing banks.



Buy now, pay later fintech firm Klarna was previously valued at USD 46 billion whereas payment firms Revolut and Checkout.com are now worth USD 33 billion and USD 40 billion respectively.



But the CEO of Nium believes that there is plenty of scope for startups that focus on managing payments for businesses instead of consumers.



The European division of Nium expedited over the past year owing to its acquisition of Ixaris, a London-based company that distributed virtual payment cards for the travel sector.



When the deal talks commenced, Ixaris was processing a transaction volume of USD 18.8 million and making revenues worth USD 125,355 (£100,000).



Source credit:



https://www.cnbc.com/2022/04/29/singapore-fintech-nium-plans-aggressive-expansion-in-europe.html

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and Newsorigins. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.