Nium, a $2 billion digital payments start-up based out of Singapore, has big plans for its European business. The company, whose software helps businesses manage flows of money across borders, is in talks to acquire worth up to $400 million to drive an expansion in the continent. Out of its 1,000-person global workforce, Nium currently has about 150 employees based in Europe, and plans to hire an additional 100 over the next 12 months. The company is on track to generate around $150 million in annual global revenues this year, with between $80 million and $90 million of sales coming from Europe. It’s a relatively little-known name in the world of fintech, but Nium is growing fast. The company recently reached a $2 billion valuation and has attracted some notable investors, including Visa and Singapore’s state investment firm Temasek.
Europe’s fintech sector is fiercely competitive, with privately held start-ups worth tens of billions of dollars vying to steal market share from incumbent banks. Klarna, the buy now, pay later fintech, was last valued at $46 billion, while payment firms Checkout.com and Revolut are now worth $40 billion and $33 billion, respectively. Nium’s European division accelerated over the past year, thanks in part to the acquisition of Ixaris, a London-based firm that issues virtual payment cards for the travel industry.