Visa and BRI Ventures, the corporate venture arm of Bank BRI of Indonesia, have invested an undisclosed amount in cross-border money transfer operator Nium.
The new funding comes in after a round of $45 million kick-started in 2018 with a $20 million capital raise from MDI Ventures, the VC arm of Indonesia’s Telkom, and Beacon Venture Capital, the VC arm of Thailand’s Kasikornbank.
Formerly known as InstaRem before a rebranding exercise last year, the firm says it will direct the cash towards product development and tuck-in acquisitions in markets like Europe, India, UK and US.
Prajit Nanu, CEO and co-founder of Nium, says: “We are interested in tech infrastructure players with capabilities in issuance, local payment rails etcetera, which complement our own and can help us ship faster in markets we are bullish on.”
A former graduate of the the Visa Fintech Fast Track program in Asia Pacific, the latest raise follows the addition of Japan and Indonesia to the ten licenced markets in which the firm operates.