Michael Bermingham is a co-founder of Nium, the Singapore payments company that began life as the consumer remittance service Instarem. He started the business with Prajit Nanu from an apartment in 2014.
Nanu had the idea in 2013, after a slow and costly transfer abroad for a friend's bachelor party. Instarem launched in August 2015. At the first live payment it had three employees and an outsourced technology team.
The company rebranded as Nium in 2019 and turned its payment network into a platform used by other businesses. In July 2021 it raised a Series D that made it a unicorn, valued above $1 billion.
Nium later raised a Series E in June 2024. It now processes payments in more than 100 countries.