Nium

remittancesmobile/online remittanceconsumerbusinessb2b fintech

FOUNDING YEAR: 2014
LOCATION: Singapore
Last Update: 19/01/2021

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About

InstaReM is a Singapore headquartered company that provides cross border money transfer services for Individuals and businesses, from Hong Kong, Australia and Singapore to more than 25 countries.

MEDICI Analysis

Nium (formerly known as InstaReM) provides cross border payment network infrastructure that enables both individuals and businesses to remit money to more than 90 countries. It serves customers from various industries such as financial institutions, fintechs, e-commerce platforms, travel companies, and online marketplaces. Nium is regulated in Australia, Canada, the European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, and the United States of America. The company has received multiple awards in the last few years. In 2017, the company got a Singapore FinTech Award, India FinTech Award, and ET Net FinTech Award. In 2018, the company got Blockchain Innovator Award from Ripple.

Focus

PRODUCTS & SERVICES

The company built an Open Money network to provide send, spend, and receive payment option services for corporates and individuals. Send option: It provides cross-border payments and sending funds to Visa debit cards. Spend option: It offers business-to-business (B2B) payments and issuance of employee expense cards. Receive option: It facilitates invoice collection and payment collection via virtual accounts and cards. The platform uses banking as a service technology that enables them to make real-time payments in 65 countries. It also offers a white-labeled card service that enables the businesses to create, distribute, and manage cards. For SME's, it offers API based business payments service that provides current account along with features like multi-currency payments, bulk payments, and payment facilitation for freelancers, overseas, vendors, suppliers, and employees. It also offers Remittance-as-a-Service to financial service providers and SMBs.

REVENUE MODEL

The company earns revenue by charging a small transaction fee.

MAIN CLIENTS

Expatriates

migrants

SME's and corporate clients.

EXISTING PARTNERSHIPS

Mid-sized banks: Nium partners with mid-sized banks to reduce the transaction fee and achieve the transaction volume. Partnered with VISA to issue custom-branded debit cards.

PRIMARY PROBLEM SOLVED

With Nium- Instant Remittance - People & Businesses can Make international payments at a fraction of fee that banks charge(1-2% vs 8-12%), faster bypassing SWIFT (1 day vs 3-4 days), in a transparent way (no hidden charges) using completely Digital platform (no need to visit a branch or lot of paper work) and to almost anywhere in the world (wide & global coverage).

COMMENT

The company secured card issuing abilities from the global payments giant Visa and plans on extending the service in Asia in the next nine months, followed by Australia, Hong Kong and Malaysia by Q3 2019.

Traction

COMPANY TYPE:

For Profit

REVENUE

$500k - $999k in 2016

REVENUE COMMENT:

The company is planning to become profitable by Q2 2021. It also aims to generate $100 million in revenue by 2023 .

NUMBER OF TRANSACTIONS:

4 B in 2020

TRANSACTIONS VALUE:

70 M in 2020

TRANSACTIONS COMMENT:

Nium claims that it processed $2 billion in transactions during Q1 2020. The company has processed $4bn worth of transactions in 2019.

ACTIVE USERS:

0.1 Million in 2016

ACTIVE USERS COMMENT:

It opened over 100,000 unique accounts to which payments are made by both Individuals and Corporates. Also, It remitted over 400,000 payments showing a repeat customer base.

Momentum

FUNDED

YES

NUMBER OF FUNDING ROUNDS

3

TOTAL FUNDING

$39 M

DATE OF LAST FUNDING

Mar 2019

IPO STATUS

Private

TOTAL FUNDING COMMENT

The company will use the latest funds to accelerate growth in existing and new markets, also expected to receive licenses in Japan and Indonesia by the next year.

ESTIMETED REVENUE RANGE

$1M to $10M

FUNDING SERIES

SERIES A  · $5 M  · Mar 2016

SERIES B  · $13 M  · Jul 2017

SERIES C  · $21 M  · Mar 2019

LISTED

NO

EXIT STRATEGY

The company is planning to go public in 2021.

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

4,543

AVERAGE VISITS (6 MONTHS)

3,551.42

MONTHLY VISITS GROWTH

1.32%

VISIT DURATION

238

VISIT DURATION GROWTH

-1.68%

PAGE VIEWS VISIT

4.74

PAGE VIEWS VISIT GROWTH

91.42%

BOUNCE RATE

46.59%

BOUNCE RATE GROWTH

-7.61%

GLOBAL TRAFFIC RANK

1,961,550

MONTHLY RANK CHANGE

-1,352,471

MONTHLY RANK GROWTH

-40.81%

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InstaReM

About

InstaReM is a Singapore headquartered company that provides cross border money transfer services for Individuals and businesses, from Hong Kong, Australia and Singapore to more than 25 countries.

Focus

PRODUCTS & SERVICES

Founded in 2014, InstaReM (short for Instant Remittance) is a Singapore-headquartered Fintech company that provides fast, secure and cost-effective digital cross-border money transfer services for individuals and businesses. InstaReM is currently licensed in Singapore, Australia, Hong Kong, Canada, Malaysia, India, European Union and United States. With InstaReM, businesses and individuals in these markets are able to remit money to 3.21 billion people in over 55+ countries worldwide.

REVENUE MODEL

The company earns revenue by charging a small transaction fee.

TOP PROBLEM SOLVED

With InstaReM - Instant Remittance - People & Businesses can Make international payments at a fraction of fee that banks charge(1-2% vs 8-12%), faster, bypassing SWIFT (1 day vs 3-4 days), in a transparent way (no hidden charges) using completely Digital platform (no need to visit a branch or lot of paperwork) and to almost anywhere in the world (wide & global coverage).

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

We are offering our own Tech platform to corporates, FIs, banks to make B2B payments.

KEY DIFFERENTIATORS

Management & Leadership team Tech Platform

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Small and Medium Business - Online Retail

Consumer

PRODUCT ATTRIBUTES

White label

Other

Traction

ANNUAL REVENUE:

$500k - $999k

NUMBER OF TRANSACTIONS:

400 K

TRANSACTIONS VALUE:

70 M

TRANSACTIONS COMMENT:

In Q1, 2017, we have remitted payments worth 70 mm USD. We will remit almost 1 Billion in payment volume by this year-end.

ACTIVE USERS/ACCOUNTS:

100000 Million

ACTIVE USERS COMMENT:

We got over 100,000 unique accounts to which payments are made by both Individuals and Corporates. We have remitted over 400,000 payments showing a repeat customer base.

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

From our existing clients and new clients who are in the sales pipeline. Also, by launching new corridors after getting licenses.

CHANNEL STATUS

MULTIPLE CHANNELS

People

NUMBER OF EMPLOYEES

51-200

BOARD MEMBERS AND ADVISORS:

Prajit Nanu, Michael Bermingham

INVESTORS:

Fullerton Financial Holdings

Global Founders Capital

Vertex Ventures

Momentum

FUNDED

YES

TOTAL FUNDING:

$5 M

LISTED

NO

FUNDING SERIES

SERIES A  · $5 M  · ---