Singapore-based payments unicorn Nium has launched its European headquarters in London, describing the UK as a “leading fintech hub”.
Founded in 2014, Nium is a payments company targeted at businesses looking to move funds internationally. Clients include Rippling, Payoneer, Currencycloud and eDreams.
Now worth $2bn, the fintech is looking to expand its business across Europe and has picked London as its next headquarters.
“London is our home away from home,” said Prajit Nanu, founder and CEO of Nium.
Nanu said establishing a presence “within the Square Mile” gives the firm “invaluable access to a thriving financial services ecosystem”, in a major endorsement of the city.
“After experiencing growth across APAC and the US, Europe is now our fastest-growing market. This means we are well positioned to help businesses here unlock opportunities beyond borders, especially those with a focus on emerging markets,” Nanu added.
The firm said it hopes the move will encourage a boost in international investment flowing into the UK.
Speaking at the opening of the new office, Charlotte Crosswell, chair of the Centre for Finance, Innovation and Technology (CFIT), said: “Despite a challenging time for fintech firms, the UK continues to be an attractive location for global businesses looking to drive growth, draw talent, and foster collaboration.”
Croswell said the decision will have a “significant impact on the UK remaining a global leader for financial innovation”.
While London, and the UK as a whole, has enjoyed a reputation as a global finance and fintech hub, a recent slump in funding in 2023 has prompted concerns.
According to data from Innovate Finance, UK fintech funding in the first half of 2023 dropped 37% compared with the same period the year before.