- Global cross-border digital payments company InstaReM is rebranding to become part of Nium, a global enterprise payments platform. Stemming from the Sanskrit word for rules and principles, Nium encapsulates what it’s about — rewriting the rules to ensure financial freedom for everyone, everywhere.
- Nium aspires to become enabler; creator of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions – a world of Open Money. Nothing like Nium and its ‘Open Money Network’ has ever been created before.
- The Nium platform is open for developers to be able to build new payments capabilities. Corporates and startups in India would be able to leverage the Nium infrastructure to solve existing challenges in global payments.
It was during the recent USD 41 million Series C funding round earlier this year, that InstaReM had indicated its intention to transit to an open money platform.
“When we started InstaReM four years ago, our mission was to make moving money internationally, faster and more convenient through seamless digital payments. It’s the innovative concept of open money which we’re trying to par. So, you should be able to send money anywhere which is a remittance platform, spend money anywhere which is a card piece and receive money anywhere which is a pay-in product. For InstaReM to continue to expand and stand out we need to offer a customer experience like no other, and so that’s our main focus as we move forward,” InstaReM’s co-founder and CEO Prajit Nanu had said at the time.
Now, in October 2019, the transition is complete with the launch of Nium, the new Open Money platform, which is engineered by the team that created InstaReM in 2015. InstaReM will continue to remain a digital remittance solution, but will now be part of – and powered by – the Nium platform.
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’s ambition is to create a world of ‘Open Money’ where everyone’s money is free for them to use, whenever, wherever and however they want.
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. In addition to using Nium’s ability to send, spend and receive money, members of the network will be able to use the platform to build new products and services free from legacy system constraints.
Businesses and start-ups 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.
- Using the Nium platform to build innovative products and services that make the cross-border movements of money quicker, more convenient and cost-effective.
With Nium, corporates and startups in India would be able to leverage Nium’s infrastructure to address existing challenges in global payments.
Prajit Nanu, the India-born Co-Founder and CEO of Nium adds, “As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. We have worked really hard in the last four years to build new capabilities that open a world of possibilities in the global payments universe. To express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstaReM to “Nium”, which is the Sanskrit word for rules and principles. 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.”
The Nium platform is used to create a wide range of payment services grouped into three categories: Send, Spend and Receive.
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.
Send – real-time cross-border payments, local ACH payments, sending funds to a Visa debit card, remittance as a service, remittance apps, embeddable payouts, 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.
Organisations working with Nium will have the opportunity to become a member of ‘The Open Money Network’, a digital collective of financial institutions, fintech organisations, ecommerce platforms, travel companies and online markets.