A startup backed by Visa is jostling to become a major player in business-to-business travel payment technology, following its acquisition of Ixaris, a transaction which is planned for the third quarter. The amount has not been disclosed.
Nium, which was founded in 2014 as InstaReM, specialises in cross-border payments and originally targeted overseas workers sending their money home.
Now it’s jumping into the travel industry, predicting a strong leisure recovery and more demand for those cross-border payments due to the surge in remote work.
“This is probably the best time to make an acquisition because travel is coming,” Prajit Nanu, Nium’s co-founder and CEO, told Skift.
He said the travel industry had not experienced much digital transformation during the crisis as “everyone had their heads down, trying to figure what’s the future of travel.”
The proposed acquisition, which is subject to customary closing conditions, follows a funding round in May last year from…