CEO Sumit Singh Outlines Chewy’s Quest to Grow From Online Startup to World-Class Institution – Adweek

CEO Sumit Singh Outlines Chewy’s Quest to Grow From Online Startup to World-Class Institution  Adweek
“startups when:1d” – Google News

Singapore-based fintech startup Nium bags Electronic Money Institution licence in the UK

In the past few years, with the rapid growth in technology, businesses regardless of size in any place can become global. Buying/selling or transferring currency is no more bounded by geography since the internet makes it possible to reach customers in any corner of the world. However, there are inconveniences, inconsistencies, and the struggle to meet evolving user expectations when it comes to cross-border payments.

Nium, formerly InstaReM was founded in 2015 with a mission to improve the cross-border payments experience for consumers in the APAC region. Based out of Singapore, it is a fintech startup providing fast, secure, and cost-effective digital cross-border money transfer services to individuals and businesses.

Licence to issue e-money

Recently, Nium announced that it had received the Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA) in the United Kingdom to issue e-money and provide cross-border digital payment services in the UK. This follows the announcement of Nium’s partnership expansion with Visa to expand its card issuance service in Europe last month.

“As our European EMI licence will not allow us to continue serving our clients in the UK after the Brexit transition period ends on 31 December 2020, this is an important step towards maintaining continuity. With the UK EMI licence, customers in the country will be able to continue tapping on our Open Money Network to offer financial services, enter new markets, expand across the globe, generate new revenue, and enhance customer satisfaction,” said Nium’s Co-Founder and CEO Prajit Nanu.

Extends its global financial infrastructure

With this licence, Nium can now continue to extend its global financial infrastructure to businesses and consumers in the UK, providing end-to-end B2B and B2C financial products and services. Furthermore, Nium will be able to offer stored value, i.e. storing or issuance of electronic money in a digital wallet.

The global fintech platform can conduct real-time funds transfers and send money to 3.21 billion beneficiaries around the world, via the most direct route to avoid delays and fees. Through this platform, global financial institutions, money service providers, enterprises, SMEs, and consumers can make cross-border payments to over 90 countries, and real-time payments in 65 corridors.

Processes billions of dollars a year

Besides the UK, Nium is regulated in Australia, Canada, the European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, and the United States of America. As per the company claims it processes billions of dollars a year for banks and payments institutions, the next generation of e-commerce players, OTAs, and retail users across the world.

“We’ve spent years building our business around security and compliance, and our network today is powered by our portfolio of licences, hard-earned by building trust with global financial regulators. The FCA’s approval of our EMI licence is a testament to the trust that global banks and financial regulators have in us, and recognition of our platform’s capabilities to offer the best fintech solutions to UK businesses,” said Nium’s Chief Compliance Officer Laurent Reichert.

Raised €50M to date

Founded by Michael Bermingham, and Prajit Nanu, the fintech startup has so far collected $ 59 million (approx €50 million) from various investors including noteworthy names such as  Visa, GSR Ventures, Rocket Internet, Global Founders Capital, FMO (Dutch Development Bank).

Main image credits: Nium

The post Singapore-based fintech startup Nium bags Electronic Money Institution licence in the UK appeared first on Silicon Canals .

Startups – Silicon Canals

State-Owned French Financial institution Joins Bitcoin Startup’s $eight Million Sequence A – Fintech Zoom

State-Owned French Financial institution Joins Bitcoin Startup’s $ eight Million Sequence A  Fintech Zoom
“startups when:1d” – Google News

Lending Protocol Founders to Launch ‘Neo-Financial institution’ Offering Interest on USDC – Sunriseread

Lending Protocol Founders to Launch ‘Neo-Financial institution’ Offering Interest on USDC  Sunriseread
“startups when:1d” – Google News