Singaporean fintech company Nium with crypto business completes $50 million financing

According to CNBC, Singaporean fintech startup Nium announced the completion of a $50 million new round of financing and plans to go public within the next 18 months. This round of financing was led by an undisclosed Southeast Asian sovereign wealth fund and supported by venture capital firms BOND, NewView Capital, and Tribe Capital. The company is valued at $1.4 billion, a 30% discount from its previous valuation.Nium CEO and founder Prajit Nanu said he is not interested in acquiring companies in the cryptocurrency field because he has not yet seen a demand from merchants for cryptocurrency as a payment method.It is reported that Nium launched a Cryptos-as-a-Service (CaaS) product for financial institutions in 2021 and announced a partnership with BitPay to provide cryptocurrency payments for merchants in 2022.