Nium, a leader in global payments and card issuance for businesses, today launched the fintech industry's first global Crypto-as-a-Service (CaaS) solution and announced the extension of its Banking-as-a-Service (BaaS) solution to the U.S. Initial API-based elements from the new Crypto-as-a-Service offering will allow financial institutions to add in-demand capabilities for cryptocurrency investment. The cryptocurrency investment services will support five cryptocurrencies in the U.S. in 2021, with the list of supported currencies growing to 20 in 35 countries in 2022.
Nium's Crypto-as-a-Service platform launches at a time when crypto has emerged as one of the most popular investment asset classes. Total market capitalization of all cryptocurrencies totals US$2.19 trillion, making the asset class the world's 8th largest economy by gross domestic product.1 More than US$112 billion in cryptocurrency is traded per day. To help banks, businesses and neo-financial institutions quickly capitalize on this demand, Nium offers simple API-based access to its crypto investment services. Through one API connection to its platform, clients can embed capabilities to buy, sell, and hold crypto, all supported by Nium with KYC, regulatory and compliance monitoring, brokerage, custody, and processing of the cryptocurrency. These initial offerings will be followed by a roadmap of additional crypto services, including stablecoin wallets and crypto payment acceptance.
Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative fintech services. Our embedded finance solutions accelerate the road to innovation for all businesses. With seamless API-based connections, we offer access to modular fintech elements for payments and card issuing - and now, crypto. The elements can be embedded, fast and easy, into most applications, helping companies go further, faster."
Prajit Nanu, Co-Founder and CEO at Nium.
Nium's Crypto-as-a-Service solution includes:
Comprehensive Cryptocurrency Investment Services: Embed cryptocurrency investment services into any application, including ability to buy, sell, and hold popular digital currencies, such Bitcoin, Ethereum and Litecoin. These services are powered by Paxos Crypto Brokerage, a regulated enterprise-grade solution.
Stablecoin Support: Provide clients with a stablecoin investment option. Nium supports Pax Dollar USDP (powered by Paxos) which is regulated and 100% backed by US Dollars and cash equivalents, allowing end users to immediately exchange between the stable currency and other cryptocurrencies.
Cryptocurrency Compliance Services: Integrate services quickly and easily, with ready-to-go compliance services including KYC and AML monitoring, and Nium handling the brokerage, custody and processing of the crypto for customers.
Available now: Be one of the first businesses to access this service now in the U.S.
Nium's Banking-as-a-Service Suite Expands to U.S.
Nium has also announced it is extending its complete Banking-as-a-Service solution to the United States. Nium has one of the most globally comprehensive solutions for pay-outs, pay-ins, and card issuance. Any of these solutions can be integrated either as stand-alone services or as part of a comprehensive Banking-as-a-Service suite. Nium supports pay-outs to as many as 190 countries (85 in real time) in 100+ currencies and pay-ins to 35 markets. On the card issuing front, Nium's reach expands to 33 countries - already issuing 31 million physical and virtual cards globally. This is all supported by 11 global financial licenses and a robust suite of regulatory and compliance technologies.
After rapid growth in APAC and Europe, today's announcement by Nium signals that the company is poised for success in the world's largest market, particularly with the new inclusion of card issuance in its American offering. According to IBIS World, the credit card issuing market in the U.S. is estimated at US$156.7 billion, growing at 10.3% year over year in 20212. This massive market is poised for continued growth as more and more cards are launched to serve niche consumer segment needs. Nium helps businesses get to market fast with new card products, in as little as four weeks - all with a single API connection.
Nium is a leading embedded fintech company that provides banks, payment providers, and businesses of any size with access to global payment services via one API. Its modular platform powers frictionless commerce, helping businesses pay and get paid across the globe with services for pay-outs, pay-ins, card issuance, and banking-as-a-service. Once connected to the Nium platform, businesses have the ability to pay out in more than 100 currencies to over 190 countries - 85 of which in real time. Funds can be received in 27 markets, including Southeast Asia, UK, Hong Kong, Singapore, Australia, India, and the US. Nium's growing card issuance business is already available in 33 countries, including Europe (SEPA), the UK, Australia and Singapore. Nium owns the broadest license portfolio, covering 11 of the world's jurisdictions, enabling seamless global payments and rapid integration, regardless of geography.
Nium was named to the CB Insights Fintech 250 (2020, 2021), which highlights the most promising Fintech companies globally.
Fintainium Inc, announced today the intent to launch a Joint Venture with Aspire Fund Management, a Trinidad & Tobago based Private Equity and Financial Advisory company that bridges the gap between investors and next-generation innovative, transformative businesses. The joint venture will redefine Fintech in a large part of the region.
Fintainium's Chief Executive Officer, Richard Jackman remarked, "For the last several years we have been working closely with Aspire. It has been the vision of both companies to build to this point; we have both wanted to create a joint venture that would disrupt some large markets and create value for all involved."
Fintainium, an SME workflow automation supply chain finance and fintech payments company, facilitates the relationship between financial institutions, businesses, and other technology companies by combining world-class domestic and international money movement products with workflow, accounting, and reconciliation automation. As a result, Fintainium enhances back-office operations for institutions and streamlines working capital management for end-users.
Kerwyn Valley, Aspire's Managing Director, remarked, "We are excited about the possibilities that a joint venture between our two companies can create. The combination of Fintainium's technology and the brand name of Aspire Fund Management will create a powerful growth vehicle for CARICOM and LATAM. Our region has been seeking solutions like these to make doing business easier, lower the working capital costs and automate repetitive processes. Our solutions and technology will facilitate trade finance and other SME-focused lending opportunities."
The new joint venture, when formed, will also bring North American expertise working with banks and credit unions to the region. Fintainium has been working with banks and credit unions in the United States and Canada for the past three years. As a result, some of the exciting features have been developed with the deep expertise curated by working with financial institutions.
There is a great unmet need in this region to automate back-end processes, centralize data and create an easy to use, streamlined solution to underwrite and fund loans with a very low back office burden. Working capital Is critical to any business's success, but the SME market has specific needs due to their size. This joint venture, when formed, is going to enable companies to operate better than they ever have before and free them up to execute on their core business by providing working capital more efficiently."
Rich Jackman, CEO
With headquarters in Florida and Toronto, Fintainium facilitates the relationship between financial institutions, businesses, and other technology companies. Fintainium combines world class domestic and international money movement products with workflow, accounting, and reconciliation automation. Fintainium enhances back-office operations for institutions and streamlines accounting processes for end-users.
Fintainium is an API-driven and modular platform that was designed to work seamlessly with other platforms. Fintainium's technology enables features such as three minute on-platform loan adjudication, integrated CFO toolkit with business intelligence, real-time payments, credit risk analysis, cash flow optimization, and back-office automation. Fintainium is the only platform that combines all these features into a simple, easy-to-navigate user interface and can also integrate into the background of a 'partner's larger solution.
About Aspire Funds
Aspire Fund Management was founded by financial leaders and successful entrepreneurs, uniting with the purpose of channeling -private equity capital into enterprising, aspiring Caribbean companies – while providing intelligent investment management and generating capital returns for investors. Aspire believes the ability to seize a viable opportunity to help realize and grow a sustainable business is the foundation of its service and central to its overall value proposition. Aspire bridges the gap between innovative entrepreneurs needing capital and investors looking to intelligently fund worthy businesses to create returns above benchmark indexes.
Treasury Prime, the leading Banking as a Service (BaaS) company, today announced that since launching their partnership with Piermont Bank, a tech-enabled digital commercial bank, they have closed partnerships with over 30 fintech companies, including:
Mythia, debit card for gamers (Read the case study)
Tuvoli, a platform for the private air charter industry, (Read the case study)
Wagestream, the financial well-being app for people in work (Read the case study)
"Piermont Bank is a textbook example of what you need to do to be a great fintech bank," said Chris Dean, CEO of Treasury Prime. "Wendy and her team understand the urgency that fintech companies face in getting to market, and they work closely with them to help them solve problems and take advantage of opportunities. Piermont Bank embraces an engaged partner model and for our fintech clients having this direct, supportive relationship with Piermont Bank makes all the difference."
Quick Start Program for Early Stage Fintech Companies
The two organizations also pioneered the Treasury Prime/Piermont Bank Quick Start Program to enable early stage startups to launch in just days with a basic set of banking services including accounts, payments, and debit cards. With the Quick Start Program, companies can test their offerings and find initial product-market fit. When they scale beyond 1,000 users, they can transition to a full relationship with more flexibility and configurability. Initially focused on Y Combinator portfolio companies, Treasury Prime is expanding the program with other premier accelerators.
In order for a BaaS partnership to be successful, it's critical that the bank, the technology partner, and the fintech clients share a cultural alignment. Treasury Prime has been a great partner in working with us to understand the challenges fintech companies face and create innovative approaches like the Quick Start Program to help our mutual clients move fast. Innovation banking is a core pillar of Piermont Bank, I'm very proud of what we've accomplished together."
Wendy Cai-Lee, CEO of Piermont Bank
Benefits of an Engaged Bank Partner Model
Banking-as-a-Service and API banking relationships follow one of two models. There is the "rent a charter model" where a fintech company engages directly only with the API vendor or technology partner and the bank is entirely behind the scenes. The second is the engaged partner model in which both the technology partner and the bank partner play an active role in working with the fintech company. This is how Treasury Prime and Piermont Bank operate.
With Treasury Prime and Piermont Bank, fintech companies can put their focus fully on their business knowing they have access to Piermont's expertise and the Treasury Prime's technology. Some examples of benefits of this model include:
Treasury Prime and Piermont Bank work with their fintech clients to proactively address regulatory requirements and compliance so fintech companies can focus on bringing new offerings to market.
With continuous access to Piermont's expertise and the Treasury Prime's technology, fintech companies can build product roadmaps such as overdraft protection or earned wage advances which go beyond the parameters of a "rent a charter" arrangement.
Markets can change quickly and fintech companies often need to respond fast. Because Piermont Bank is closely aligned with its fintech clients' businesses, it can approve changes and respond to client needs at a moment's notice. What could take weeks or months in another banking relationship can be achieved in a matter of days.
About Treasury Prime
Treasury Prime is the leading Banking as a Service (BaaS) company that connects banks and fintechs through an API so developers can start building in minutes and launch in days. Treasury Prime's full integration into core banking systems gives developers access to a wide range of banking services from opening accounts to making payments to issuing cards. Treasury Prime is backed by Deciens Capital, Nyca Partners, Pacific Western Bank, QED Investors, SaaStr Fund, Susa Ventures, and Y Combinator.
About Piermont Bank
Piermont Bank is a tech-enabled digital commercial bank founded in 2019 with a mission of changing the face and pace of banking. Piermont is women-founded, entrepreneur-led, technology-fortified. It is also the first multiracial Minority Depository Institution (MDI) in the United States. It provides an unprecedented experience that blends the best of banking and agile Fintechs. At Piermont, we deliver peer banking – we meet you where you are, reflect your business needs, and act with speed.