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FinTech Platform Nium Closes Latest Funding Round

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nium funding

New investors include Visa and BRI Ventures

Global fintech platform Nium announced its latest fundraise today. Visa, the world’s leader in digital payments, participated in the round along with existing investors. Another new investor to join the fold was BRI Ventures, the Corporate Venture arm of Bank BRI of Indonesia.

The funding announcement comes on the heels of major wins for Nium in 2020, some of which were:

  • Winning the account of a large European marketplace payment provider to process a billion Euros annually
  • Winning a large international bid for one of the world’s biggest maritime businesses to process crew payments via cards and collections for vessel management
  • Working with a prominent Asian Neobank to help them expand overseas by providing international collections
  • Supporting the development of a migrant bank in the US through integration of Nium’s Banking-as-a-Service stack

Nium has carved a niche for itself and its diversified suite of offerings, with clients often approaching them to solve problems at the cross-section of Send, Spend and Receive. As part of their own consumer and SME remittance offering (InstaReM) and remittance-as-a-service capabilities, Nium now reaches millions of customers across 10 licensed jurisdictions[1] with Japan and Indonesia being the latest additions. On the enterprise front, they serve clients across six continents. Through a fully micro-service driven model, Nium solves inefficiencies that plague traditional payment processes across industries like eCommerce, large corporates to SMEs, from services such as payroll disbursement to travel & expenses management etc.

“I am thrilled to announce that we have closed another round of funding and added two more prestigious investors to our cap table. Visa and BRI Ventures’ participation is a vote of confidence for our business model and its resilience despite the climate,” said Prajit Nanu, CEO and Co-Founder of Nium.

Nium will be using the funds to further build out its uniquely diversified payment infrastructure offering that includes outreach to consumers, SMEs, large enterprises as well as banks and financial institutions. The newly raised corpus will be largely directed towards product development and tuck-in acquisitions that compress time to market. For the latter, Nium will focus on vertical expertise in markets like Europe, India, U.K. and U.S.

According to Nanu, “We are interested in tech infrastructure players with capabilities in issuance, local payment rails etc., which complement our own and can help us ship faster in markets we are bullish on.”

“Nium and Visa’s collaboration began in early 2019 when Nium joined the Visa Fintech Fast Track program in Asia Pacific. We’ve worked together on new commerce experiences like instant remittances for consumers and businesses in Southeast Asia,” said Chris Clark, Regional President, Asia Pacific, Visa. “We are excited to extend our partnership with Nium by investing in their business. Working with fintechs like Nium is a key part of Visa’s strategy to enable payments for anyone, anywhere, on any network.”

“BRI Ventures always look to support developments in the banking and financial industry, especially for partners looking to provide digital financial care to customers in Indonesia. We have been working closely with Nium since their InstaReM days when they were processing consumer remittance, and are excited to witness their growth as they expand their service offerings to include financial institutions and corporates. The potential of financial technology is limitless and we forward look to supporting Nium on their path of growth as they expand their presence into Indonesia and beyond,” said Nicko Widjaja, Chief Executive Officer of BRI Ventures.

Nium currently operates its Send, Spend and Receive business in over 90 countries, 65 in real-time, and in 63 currencies.

This News has been Published in Partnership with PR Newswire

Acquisition

Exact invests in services sector with the acquisition of Gripp

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Exact invests in services sector with the acquisition of Gripp

Exact, Dutch headquartered supplier of business software, announces the acquisition of Gripp, provider of SaaS business software for professional service companies. The acquisition massively expands Exact’s range of Professional Services solutions for the fast-growing Professional Services Automation (PSA) market in the Benelux. This acquisition is in line with Exacts ambition to intensify its growth in the services sector.

Focus on services sector

The addition of Gripp, together with Software Gemak (formerly Unit4 Bedrijfssoftware, acquired in late 2020), to Exacts portfolio, provides Exact with a range of services sector oriented solutions. Gripp is a perfect addition to the existing portfolio, offering a comprehensive suite of Professional Services Automation (PSA) solutions that include CRM, time registration, invoicing, project management, purchasing and HR administration, and powerfully strengthening Exacts position in the services sector. PSA is the international term for the segment of business services automation. Gripp services 1700 customers and is located in Tilburg.

Paul Ramakers, CEO at Exact: “The Netherlands is a nation of services companies with Professional Services Automation solutions in high demand. This is a great purchase for Exact and not only because of the modern SaaS offering, the strength of the team or the entrepreneurial culture that fits well with Exact but also because together we better serve the needs of different segments and subsegments. Together, we are creating a very broad offering with advanced cloud solutions for the services sector. This move is in line with our strategy to achieve growth through a powerful combination of organic development and expansion through acquisitions.”

“For Gripp, this acquisition allows us to realise our ambition to grow in a larger ecosystem,” says Marcel Koenders, CEO and co-founder of Gripp. “We have a great team and product and we are looking forward to continuing our journey as part of Exact.”

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Tokocrypto Launches Toko Token (TKO), a CeFi-DeFi hybrid and Indonesia's first virtual currency project

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Tokocrypto Launches Toko Token (TKO), a CeFi-DeFi hybrid and Indonesia's first virtual currency project

JAKARTA, Indonesia, April 9, 2021 — On, April 7, 2021, Binance Smart Chain (BSC) officially began trading their signature self-built “Toko Token” (TKO), Indonesia’s first local virtual currency project on Binance Launchpad, the largest virtual currency launchpad worldwide, according to Tokocrypto.

The currency was launched with $0.1 per coin with a total supply of 500 million shares and enables high-speed transactions at low fees. TKO recorded an oversubscription of 201,406 individuals with a total of 10,502,201 BNB at the launch date.

The TKO offers a unique hybrid feature by combining the advantages of both the Centralized Finance (CeFi) and Decentralized Finance (DeFi) model which is the first in Indonesia. “The birth of TKO is a big achievement for us. It will be the most appropriate vehicle to help Indonesian realize the unlimited potential that we can achieve through blockchain technology,” said Pang Xue Kai, Founder & CEO of Tokocrypto platform.

Accordingly, the ResearchAndMarkets.com in December 2019 reported global fintech market are showing a significant increase in 2018, reflecting greater application of blockchain in financial services around the world. The research covered Southeast Asian countries and it forecasted blockchain market size will reach US$23.3 billion by 2023, representing a CAGR of 81% over the period from 2018 to 2023.

“The age of blockchain and virtual currency is here. With the technology from BSC that offers user-friendly services, it allows Indonesia with a large population of approximately 270 million to enjoy a financial system that is equivalent to developed countries,” said Kai.

Kai explained, as the first local Indonesian virtual currency project, TKO offers a hybrid currency model. Several services the currency offers are Exchange Platform Token that offers trading fee discounts, airdrop entitlement, merchandise redemption.

TKO can be used in deposit and savings programs such as TKO Deposit, TKO Savings, and TKO Cashback. Furthermore, as DeFi product, TKO will be integrated on third-party DeFi platforms via farming pools, lending, and more. Finally, the Tokocrypto will pioneer the Indonesian NFT landscape with Indonesia’s first-of-its-kind marketplace for digital collectibles and creative assets from emerging young artists.

He continued, “Through TKO, we aim to build an “Indonesia Strategy” for Indonesians, where this solution can reach out to everyone in the country on top of general financial services,” said Kai.

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Latest 7-Eleven Evolution Store Opens in Prosper, Texas

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Latest 7-Eleven Evolution Store Opens in Prosper, Texas

7-Eleven, Inc. is changing the world of convenience with yet another Evolution Store featuring tacos on handmade tortillas, frozen margaritas on tap, a stocked Wine Cellar and Beer Cooler, fresh-baked croissants and cookies, customized espresso drinks, artisan craft sodas, premium cigars in a cedar-lined humidor and more… Each new generation of 7-Eleven® Evolution Stores set a new benchmark for convenience retailing. The newest location has opened in Prosper, Texas.

7-Eleven and Laredo Taco Company®, the convenience retailer’s taqueria, are heading north to Collin County – the first North Texas-area Evolution Store outside of Dallas County. This is 7-Eleven’s fourth Evolution Store in the Dallas-Fort Worth area and seventh in the country.

Each 7-Eleven Evolution Store is an experiential testing ground where customers can try and buy the retailer’s latest innovations in a pioneering store format. Already this year, the retailer has opened two of the new concept stores in North Texas, with more planned nationwide in 2021. 7-Eleven opened four Evolution Stores last year in New York City, Washington, D.C., San Diego and Dallas.

“You have to visit an Evolution Store to experience just how much 7-Eleven continues to raise the bar on product quality, selection and the overall shopping experience,” said Chris Tanco, 7-Eleven executive vice president and chief operating officer. “Evolution Stores and Laredo Taco Company taquerias have been game-changers for 7-Eleven, and we will continue to test and iterate to incorporate learnings into new and existing 7-Eleven stores across the system. We can’t wait to see this location’s new patio concept become a fun gathering place for Prosper residents.”

While all Evolution Stores include a restaurant concept, no two locations are exactly alike as the retailer continues to tweak the design and product mix based on customer feedback and shopping habits. The most popular features, however, have become staples that knowing customers seek out.

In addition to the Laredo Taco Company taqueria, the Prosper 7-Eleven Evolution Store offers an assortment of exclusive products, services and features customized to the neighborhoods and customers they serve. The most popular features include self-serve specialty espresso coffee drinks, on-tap novelty beverages, cookies and croissants baked fresh in store, a wide selection of national brand skincare and makeup items, and the Wine Cellar and Beer Cooler, dedicated to an enhanced and expansive selection of wine and beer.

As a beverage destination, 7-Eleven is always looking for new thirst-quenchers, and the Evolution Stores are where some of the newest drink concepts make their debuts. Artisan craft sodas are a new feature, with flavors such as ginger beer, black cherry, pineapple coconut, diet key lime and diet cherry vanilla. Sparkling and still water flavors include lemon ginger, strawberry rose, coconut lime, cucumber mint and mango. Customers can enjoy refreshing smoothies and shakes, as well as customize their espresso drinks and cold brew coffee.

The new store is one of a growing number to offer mobile checkout and delivery. With the 7Rewards® loyalty program, in-store customers can skip the checkout counter and pay for their purchases on their phone. The convenient feature is found in the 7-Eleven app. The 7NOW® delivery app also lets customers order favorite foods, beverages, groceries and household products to be delivered straight to their door.

As the world continues to respond to the shifting pandemic, 7-Eleven has enhanced its standards and procedures for hygiene, handwashing, sanitation, food handling and preparation in stores, including increased frequency of cleaning high-touch surfaces and self-serve food and beverage areas. All store associates are required to wear masks and gloves when serving customers. Acrylic shields have been installed at checkout registers as added protection for customers and employees. Asked to practice 6-foot physical distancing when in the checkout line, customers also have access to disposable gloves, tissues and sanitizer stations while shopping.

7-Eleven acquired the Laredo Taco Company restaurants along with Stripes® convenience stores in South Texas as part of the 1,000-store acquisition from Sunoco in 2018.

About 7–Eleven, Inc.

Are you still reading this? Awesome. Most people stop when they get to the small print. But not you! You get to read the cool stuff. 7-Eleven, Inc. is the premier name in the convenience-retailing industry. They don’t like to brag, but they invented convenience stores. For real. Google it. Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 72,800 stores in 17 countries, including 12,000 in North America. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7-Eleven has expanded into high-quality sandwiches, salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings and mini beef tacos. Mmmmm, tacos. 7-Eleven offers customers industry-leading private brand products under the 7-Select™ brand including healthy options, decadent treats and everyday favorites at an outstanding value. Customers can earn and redeem points on various items in stores nationwide through its 7Rewards® loyalty program with more than 40 million members, place an order in the 7NOW® delivery app in over 1,300 cities, or rely on 7-Eleven for bill payment service, self-service lockers and other convenient services. Find out more online at www.7-Eleven.com, via the 7Rewards customer loyalty platform on the 7-Eleven mobile app, or on social media at FacebookTwitter and Instagram. Also, they trademarked the word “Brainfreeze.” No lie. Thanks for sticking with this. You’re unstoppable.

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