In its ninth annual Fintech 50 list, Forbes has spotlighted its key contributors to the fintech sector, and Singapore-headquartered payments firm Nium has been distinguished as the sole Asian entity to feature this year.

Originally launched in 2014 under the name InstaReM, Nium has evolved into a significant global fintech presence. With a current valuation of US$2 billion, the firm is one of the few fintech unicorns from Singapore and oversees transactions amounting to more than US$8 billion annually for a variety of banks and payment institutions, counting Rippling, Payoneer, and Currencycloud among its B2B clientele.

“It’s an honor to be among the world’s best again on the Forbes Fintech 50 list. We’ve been working hard to double down on meeting our customers’ needs with new products, new verticals, and regional expansions. Our goal for this year is to continue on the path to deliver the global payments infrastructure of tomorrow, today,”

Prajit Nanu, Co-founder and CEO at Nium, told Fintech News Singapore.

The expansion of Nium beyond its Singaporean origins to establish a presence in the UK and the US has been instrumental in its recognition by Forbes. To qualify, companies were required to either be based in the US or have substantial operations there, and not be a part of a public company.

This comes against a backdrop of considerable challenges within the fintech industry, including a decline in venture capital funding from US$141 billion in 2021 to US$39 billion in 2023, as reported by CB Insights, alongside a general downturn in valuations and an increase in industry layoffs.

Nium’s inclusion in the Forbes Fintech 50 list reflects not only its achievements and growth within the global fintech space but also the sector’s resilience in the face of economic challenges.

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/88691/remittance/nium-is-the-sole-asian-fintech-on-the-latest-forbes-fintech-50-list/