Singapore-based fintech startup Nium expands its payments network into Europe with new Poland corridor
Nium, a global payments platform redefining how consumers and businesses can send and receive funds around the world, announced the expansion of its global footprint and global payments network with the opening of an office in one of Europe’s biggest economies – Poland.
As a result of this expansion, Nium customers around the world will now be able to send money to Poland in its local currency – PLN (Polish Zloty), with the offering being extended to their end-users as well. PLN payments will reach beneficiaries in as little as 30 minutes and the service can be used for all local currency bank accounts.
Founded in 2015 by Michael Bermingham and Prajit Nanu, Nium is recently named as one of CB Insights Fintech 250. The startup is licensed in the EU, Australia, Canada, Hong Kong, Malaysia, India, and Singapore. Today, Nium serves over 130 million customers and enables platforms to provide access to financial services to over 3 billion people across the world.
Nium’s modular platform allows banks, payment providers, travel companies, and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Its proprietary set of APIs embeds financial services and can bring multiple B2B and B2C use cases in a matter of weeks to life.
Poland has grown into a leading European manufacturing hub in the past years, best illustrated by the increasing number of new projects and investments it has attracted. According to a recent article, Asian companies have chosen to relocate production plants from Asia to Poland to diversify business activity and shorten supply chains. At the same time, Western firms have set up factories in Poland to bring down operating costs. The country was also named “South Korea’s gateway to the European Union”, witnessing an increasing amount of investment from the Asian powerhouse in recent years.
Nium’s network expansion into Poland will enable a faster and more convenient payments flow for its customers. It will help businesses overcome the complexity of sending local payments into Poland and open pay-outs into the country to facilitate B2B transactions, as well as B2C, C2C, and C2B.
“Poland’s economy is expected to grow at a steady pace this year, as post-pandemic business booms. We see more funds flowing into the country, whether for investment purposes or to pay vendors and suppliers. All funds transferred into Poland can be initiated in any of the 60+ source currencies currently offered through our pay-out platform and recipients will receive the money in the local currency”, says Frederick Crosby, Nium Chief Revenue Officer.
Part of Nium’s European expansion, payouts in all non-EUR local currencies will also be made available to other CEE countries such as Bulgaria (BGN), the Czech Republic (CZK), Hungary (HUF), and Romania (RON).