BRI Ventures and Visa have invested an undisclosed amount to Nium, a financial technology (FinTech) based in Singapore. Formerly the company known as InstaRem before rebranding in 2019 - Photo by Nium

JAKARTA (TheInsiderStories) –  Indonesia’ venture capital, BRI Ventures and Visa have invested an undisclosed amount to Nium, a financial technology (FinTech) based in Singapore. Formerly the company known as InstaRem before rebranding in 2019.

The provider announced today (05/06), the new funding part of a Series C round of US$45 million started in 2018. Earlier, the tech firm has raised $20 million capital from other local venture capital MDI Ventures and Thailand-based Beacon Venture Capital, unit of Kasikornbank.

Prajit Nanu, CEO and co-founder of Nium said, it will direct the cash towards product development and tuck-in acquisitions in markets like Europe, India, Britain and United States.

“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,” he said in an official statement.

While, regional president for Asia Pacific at Visa, Chris Clark said, collaboration between Nium and his company has began in early 2019. At present, the FinTech company operates in more than 90 countries with 63 different currencies.

Nium runs individual and money transfer services through the InstaRem platform. While in terms of business, the provider claims to have served clients on six continents.

Last year, BRI Ventures has announced has prepared $250 million FinTech businesses. The unit of state-owned lender, PT Bank Rakyat Indonesia Tbk (IDX: BBRI) will act as an investor to the company.

“As a bank with the largest network in Indonesia, we want to open up opportunities to collaborate with FinTech startups,” said director of Bank Rakyat Indonesia, Indra Utoyo last year.

End of last year, the largest small and medium enterprises lender become the majority shareholder of BRI Ventures. Bank Rakyat Indonesia acquired 97.61 percent shares of PT Bahana Artha Ventura (BAV) for Rp71.21 billion (US$4.74 million) from financial firm, PT Bahana Pembangunan Usaha Indonesia.

US$1: Rp15,000

Written by Staff Editor, Email: theinsiderstories@gmail.com