Nium, the Singapore-based real-time cross-border payments, has on Wednesday announced it has raised $50 million in a Series E funding round.

The round was led by a sovereign wealth fund in Southeast Asia and values the company at $1.4 billion post-money, Nium said in a statement.

According to the statement, the sovereign wealth fund joins other newly added investors from Nium’s prior funding round, including BOND, NewView Capital, and Tribe Capital.

Nium said it will use the funds to further accelerate its growth plans in the business to business (B2B) payments market, which is projected to reach $175 trillion by 2030, including fueling global network expansion, accelerating product innovation, hiring top talent, and pursuing merger and acquisition (M&A) activity.

“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions, particularly as we focus on serving the needs marketplaces, software as a service (SaaS) platforms, travel, and financial institutions, for whom payments are mission critical,

“Our recent enterprise wins with globally recognized brands show that there is strong demand for our customer-centric B2B payment solutions as global businesses overhaul systems for the real-time era,” said Prajit Nanu, Founder and Chief Executive Officer at Nium.

It is noted that Nium has experienced strong revenue growth of 50 percent+ in 2023 compared to 2022.

This can be attributed to the company’s focused product development roadmap, which has delivered on features serving mission-critical client use cases in industries such as travel, payroll, spend management, and financial services.

The firm’s recent client wins include, Australian expense management leader, Weel and one of UAE’s leading banks, Emirates NBD.

According to Nium, foundational to the firm’s success has been the recent expansion of its license portfolio, which allows it to do business directly in several jurisdictions.

Nium also holds regulatory licenses and authorizations in more than 40 countries, and recently received additional approvals including a Type 1 Funds Transfer Service Provider (FTSP) license from Japan’s Financial Service Agency (FSA) and registration on the Financial Service Provider Register (FSPR) in New Zealand.

“This investment is proof of our global success at a time when raising money is exceptionally difficult for late-stage, venture-backed companies,” said Nanu.

“Our investors believe in our long-term mission of building the payments infrastructure for on-demand money movement and this additional investment will allow us to accelerate our aspirations,

“We’re privileged to have this support are looking forward to working closely together with them to continue to advance our business,” he added.

This year, Nium appointed former Bank of America executive, Alexandra Johnson, as Chief Payments Officer to oversee the businesses Global Banking and Payment Operations teams, former PayPal executive, Rissy Ruddy, as Chief Human Resources Officer to lead all people functions, and former Revolut executive, Anton Pasiechnikov, as VP of Finance.

These leaders add to an already strong leadership team that Nanu has been building, said the statement.

Remote, Nium Join forces to power global workforces with real-time cross-border payments