Prajit Nanu came to payments from sales, with roles at TMF Group and WNS Global Services. In 2013 a transfer abroad for a friend's bachelor party showed him a large gap in the cost of sending money across borders.
He founded the business in 2014 with Michael Bermingham, working from an apartment. When the first live payment went through in August 2015, Instarem had three employees and an outsourced tech team. A $500,000 seed round came from Global Founders Capital in January 2015, then $5 million in March 2016 and $13 million in July 2017.
The company was renamed Nium in 2019 as it turned its network into a platform that other firms build on. In early 2020 investors backed out of a round as the pandemic hit, and Vertex Ventures stayed. A $200 million Series D in July 2021 made it a unicorn.
In October 2023 Nium cut 10% of its global workforce. It raised a $50 million Series E from the Brunei Investment Agency in June 2024.