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Nium
Nium is a Singapore-headquartered cross-border payments company. Initially founded by Prajit Nanu and Michael Bermingham, and launched as a consumer-remittance platform Instarem in 2014. In 2016, the company introduced its B2B payments platform and rebranded as Nium in 2019, subsequently elevating Pratik Gandhi to co-founder in 2021.[citation needed] However, Gandhi left Nium in October 2023, around the time Nium's Chief Product Officer also left the company and Nium announced a layoff of over 10% of its global staff.
Founders Prajit Nanu and Michael Bermingham developed a solution[buzzword] to provide transparent and secure cross-border remittances for overseas money transfers with close to live exchange rates. Instarem was incorporated based on the premise of instant online remittances.
By 2017, the company had begun to operate a cross-border payments platform targeted at business users, including banks and businesses. It opened offices in the UK, Hong Kong, Malaysia, acquiring Electronic Money Transfer licenses in Malaysia and the EU. It hit $1 billion USD in dollars processed in the same year. In 2018, real-time delivery of funds reached 50+ countries and the company launched its card-issuing platform. Subsequently, in 2019, the company rebranded to Nium with the launch of the Nium platform, with Instarem continuing to operate as a wholly owned consumer service.
In 2021, the company made its first acquisitions: Ixaris, a travel payments optimization firm and then Wirecard Forex, a payments services company in India. In April 2022, Nium acquired the alternative payments network Socash.
Also in 2021, the International Cricket Council (ICC) and Nium entered a multi-year strategic partnership involving and integrating several global ICC events through the end of 2023 - the ICC Men's T20 World Cup in the United Arab Emirates and Oman; the ICC Men's T20 World Cup in Australia; the ICC Women’s World Cup in South Africa; the ICC World Test Championship Final in 2023; and, the ICC Men's Cricket World Cup 2023 to be hosted in India.
In January 2022, Nium strengthened its senior leadership team by appointing Robin Gandhi as Chief Product Officer. Before joining Nium, Gandhi led the product, engineering, design, and operations efforts at TripActions, after previous stints at Adyen. Gandhi subsequently left Nium in September 2023.
In March 2022, Nium announced the appointment of Dylan Lowrey to General Counsel. Lowrey joined Nium in 2021 as Head of Regulatory Affairs and Product Law. Before it, Dylan led the global Payments Product Legal team at Stripe and served as Vice President and Acting US Head of Legal for Corporate Banking at Barclays.
Nium announced on 26 April 2022 its agreement to acquire Socash Pte Ltd, a Singapore alternative payments network focused on non-traditional physical outlets. The acquisition also provided Nium with the International Remittance Hub license from Bank Negara Malaysia (the country's central bank). In May, it announced the availability of real-time payments in Malaysia. And now, Nium processes more than 80% of transactions worldwide in real-time.
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Nium
Nium is a Singapore-headquartered cross-border payments company. Initially founded by Prajit Nanu and Michael Bermingham, and launched as a consumer-remittance platform Instarem in 2014. In 2016, the company introduced its B2B payments platform and rebranded as Nium in 2019, subsequently elevating Pratik Gandhi to co-founder in 2021.[citation needed] However, Gandhi left Nium in October 2023, around the time Nium's Chief Product Officer also left the company and Nium announced a layoff of over 10% of its global staff.
Founders Prajit Nanu and Michael Bermingham developed a solution[buzzword] to provide transparent and secure cross-border remittances for overseas money transfers with close to live exchange rates. Instarem was incorporated based on the premise of instant online remittances.
By 2017, the company had begun to operate a cross-border payments platform targeted at business users, including banks and businesses. It opened offices in the UK, Hong Kong, Malaysia, acquiring Electronic Money Transfer licenses in Malaysia and the EU. It hit $1 billion USD in dollars processed in the same year. In 2018, real-time delivery of funds reached 50+ countries and the company launched its card-issuing platform. Subsequently, in 2019, the company rebranded to Nium with the launch of the Nium platform, with Instarem continuing to operate as a wholly owned consumer service.
In 2021, the company made its first acquisitions: Ixaris, a travel payments optimization firm and then Wirecard Forex, a payments services company in India. In April 2022, Nium acquired the alternative payments network Socash.
Also in 2021, the International Cricket Council (ICC) and Nium entered a multi-year strategic partnership involving and integrating several global ICC events through the end of 2023 - the ICC Men's T20 World Cup in the United Arab Emirates and Oman; the ICC Men's T20 World Cup in Australia; the ICC Women’s World Cup in South Africa; the ICC World Test Championship Final in 2023; and, the ICC Men's Cricket World Cup 2023 to be hosted in India.
In January 2022, Nium strengthened its senior leadership team by appointing Robin Gandhi as Chief Product Officer. Before joining Nium, Gandhi led the product, engineering, design, and operations efforts at TripActions, after previous stints at Adyen. Gandhi subsequently left Nium in September 2023.
In March 2022, Nium announced the appointment of Dylan Lowrey to General Counsel. Lowrey joined Nium in 2021 as Head of Regulatory Affairs and Product Law. Before it, Dylan led the global Payments Product Legal team at Stripe and served as Vice President and Acting US Head of Legal for Corporate Banking at Barclays.
Nium announced on 26 April 2022 its agreement to acquire Socash Pte Ltd, a Singapore alternative payments network focused on non-traditional physical outlets. The acquisition also provided Nium with the International Remittance Hub license from Bank Negara Malaysia (the country's central bank). In May, it announced the availability of real-time payments in Malaysia. And now, Nium processes more than 80% of transactions worldwide in real-time.