Singapore fintech Nium turns unicorn after latest funding round, Banking News & Top Stories

Singapore’s Nium, a payments start-up serving businesses, became a rare fintech unicorn in the city-state after raising more than US$200 million (S$272 million) in fresh funding.

The company said yesterday that its value topped US$1 billion after a Series D round led by United States-based Riverwood Capital.

Other backers included Temasek, Visa, Vertex Ventures, Beacon Venture Capital and Rocket Capital. Singapore sovereign wealth fund GIC also joined the round, according to a person familiar with the matter who asked not to be named.

Nium plans to use the funds to expand in the US and Latin America before pursuing an initial public offering in the US in 18 to 24 months, chief executive Prajit Nanu, 39, said in an interview with Bloomberg. He added that the company may pursue a secondary listing in Singapore later.

It will remain on the lookout for acquisition targets in those…