InstaReM_Nium_digitalremittance

InstaReM, Southeast Asian cross-border payment fintech startup, announces a new brand name for its global enterprise payment platform, Nium, at the Money 2020 USA event in Las Vegas on October, 27, 2019. The rebranding follows the recent US$41 million Series C funding round earlier this year.

With the rebranding took place, InstaReM will remain a leading digital remittance solution, now powered by Singapore-headquartered Nium platform.

Nium’s name origin came from the Sanskrit word for rules and principles. It encapsulates the idea of “rewriting the rules to ensure financial freedom for everyone, everywhere”.

Nium is the global payments platform to enable businesses to send, spend, and receive money from around the world, in addition to empowering them to develop their own products that simplify cross-border payments.

Nium stated that its mission is to “create a world of ‘Open Money’ where everyone’s money is free for them to use – whenever, wherever and however they wish.”

Also Read: Cross-border payments firm InstaReM raises US$45M from Telkom’s VC arm, Rocket Internet, others

Using Nium, organisations working with Nium will have the opportunity to become a member of ‘The Open Money Network’, a digital collective of financial institutions, fintechs, ecommerce platforms, travel companies, and online marketplaces. Members of the network will also be able to use the platform to build new products and services free from legacy system constraints.

Businesses will be able to use Nium in three ways: buying Nium’s off-the-shelf products, working with Nium to build custom integrations for their enterprise tech stack, or by using the Nium platform to build products and services to allow the cross-border movements of money more convenient.

The Nium platform is used to create a wide range of payment services grouped into three categories:

  • Send, a real-time cross-border payments, local ACH payments, sending funds to a Visa debit card, remittance as a service, remittance apps, embeddable payouts, and API tool integrations.
  • Spend, BIN sponsorship, B2B commercial payments, employee expense cards, supplier card payments, customer cards, and UTAP.
  • Receive, collection via virtual accounts and cards, split payments, invoice collection, personal fund collection, invoice collection, marketplace/website payments, automated receivables tracking, and master merchant solutions.

Prajit Nanu, the India-bred Co-Founder and CEO of Nium said: “As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. We aspire to become enablers; creators of an open platform that businesses and partners use to build a world free of old constraints and restrictions – a true world of Open Money. This is Nium.”

Also Read: InstaRem joins Thai bank to launch multi-currency payment feature

Founded in 2014. InstaReM is regulated in the U.S., the European Union, Singapore, Canada, Hong Kong, India, Australia, and Malaysia.

InstaReM is backed by investors including Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures, Beacon Venture Capital, Vertex Growth Fund and Atinum Investment.

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