Nium
remittances . mobile/online remittance . consumer . business . b2b 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.
People
FOUNDERS
Prajit Nanu
BOARD MEMBERS AND ADVISORS
Prajit Nanu
NUMBER OF EMPLOYEES
51-200
INVESTORS:
SBI-FMO Emerging Asia Financial Sector Fund
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
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:
Momentum
FUNDED
YES
TOTAL FUNDING:
$5 M
LISTED
NO
FUNDING SERIES
Series A
Jul 2017
USD18 M
Comment on Series A
In January 2015, InstaReM raised an initial US$500,000 in seed capital from Rocket Internet.
In March 2016, InstaReM successfully raised a US$5 million Series A round led by Vertex Ventures, with participation from Fullerton Financial Holdings and Global Founders Capital.
In July 2017, InstaReM received another US$13 million investment of Series B funding, led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings and Global Founders Capital.
Comment on Valuation
NA Rocket Internet Global Founders Capital Vertex Ventures Fullerton Financial Holdings SBI-FMO Emerging Asia Financial Sector Fund GSR Ventures