# Nium Financial Model Global embedded payments infrastructure provider delivering pay-in, pay-out, and card issuance via a single API - Canonical: https://finamodel.com/startups/nium - Excel download: https://finamodel.com/startup-models/nium.xlsx - Category: Fintech - Model type: SaaS ARR / Valuation - Funding round: Series D - Funding: $200M - Founded: 2021 - Geography: Global - 100+ countries & territories; licensed in 11 jurisdictions across Americas, Europe, Asia-Pacific [DECK, slides 5–8] - Customer: B2B2C ## About the company Nium provides global embedded payment infrastructure through a single API, covering pay-ins, pay-outs, card issuance, and related compliance services. It enables businesses to move money internationally without assembling separate regional payment relationships. The company’s scale comes from B2B volume across cross-border payouts, virtual-card issuance, and payment acceptance. Each product is transactional, with customers paying for infrastructure that becomes more valuable as their payment flows grow. The model should segment payment volume across pay-outs, pay-ins, and card issuance, applying a separate net yield to each. Connected customers, cards issued, transaction frequency, compliance-service adoption, processing cost, and customer retention create the revenue and contribution-margin forecast. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition Three core product pillars delivered via a single composable API: - **Pay-out**: Bank transfers, wallets, Visa Direct, cash - 100+ countries - **Pay-in**: Bank transfers, cards, wallets, cash - **Card Issuance**: Virtual and physical card issuing and processing in 40 countries / 24 currencies - **Compliance-as-a-Service**: Global account ledger, KYC/KYB, FX and hedging, AML, regulatory reporting Positioning: Nium owns its own licenses and infrastructure (does not merely aggregate networks), enabling superior economics and reliability. White-label app + raw API available. 100% project go-live success rate; 90%+ go live within 6 months. ## Revenue model Implied from product structure: - Transaction fees on cross-border pay-out volume (take rate on $8bn+ annual volume processed) - Card issuance / processing fees (per card or per transaction) on 30m+ virtual cards issued - Pay-in acceptance fees - Compliance / KYC-as-a-Service fees to clients No explicit pricing tiers, take rates, or fee schedules disclosed in the deck. Net revenue run-rate as of Dec-21 is redacted ($XX). Capital raised is also redacted ($XX). ## Traction & metrics All from slide 3 ("We are at Scale") confirmed via image: - $8bn+ volume processed annually - $XX Dec-21 run-rate net revenue (redacted) - 30m total virtual cards issued - 11 jurisdiction licenses - 200+ clients globally - 100+ countries & territories - 600+ colleagues - 130m+ end customers - $XX capital raised (Series D in progress at time of deck) - 1M+ API calls per day - 60% of payments made within <15 minutes - 99% uptime - Note: Pro-forma financials include Ixaris acquisition from Jan 2021 onwards ## Competition / moat Not explicitly named as a competitive slide. Moat articulated implicitly: - Proprietary license stack across 11 jurisdictions (hard to replicate; years of regulatory process) - Built-and-owned infrastructure vs. aggregation (better economics, reliability) - AML/KYC controls as a differentiator - Real-time payment routing intelligence - 100+ country reach with unified API (breadth is the moat) ## Team & funding ask / use of funds **Team**: 12 named executives with backgrounds from PayPal, Visa, WU, Citi, Standard Chartered, JPMorgan, MoneyGram, Grab, BBVA, WorldRemit, British Airways. - CEO/Co-Founder: Prajit Nanu - COO: Pratik Gandhi - CRO: Frederick Crosby - CTO: Nilesh Pathak - CPO: Rajesh Venkatesh - CCO: Laurent Reichart **Funding ask**: Series D - amount not disclosed; stated as "being closed by July 2021". --- ## Recommended financial model - **Archetype + why**: Volume-based payments P&L model (GMV / take-rate → net revenue → contribution margin). Nium is a B2B payments infrastructure business monetising via transaction fees on cross-border volume and card issuance fees. The right structure is a volume-driven 3-statement model segmented by product line (pay-out, card issuance, pay-in), not a SaaS ARR model. - **Forecast horizon & granularity**: Monthly for Year 1–2, quarterly for Year 3–5. Series D context suggests a 5-year model is appropriate. - **Key drivers & assumptions**: - **Volume processed** (starting point): $8bn+ annualised; actual Dec-21 run-rate unknown - **Volume growth rate YoY**: 60–80% near-term, tapering to 25% by Year 5 - consistent with high-growth B2B fintech at scale but not yet public - **Blended take rate (net revenue / volume)**: ~0.5–1.0% - typical for cross-border B2B payments infra; exact rate not disclosed; net revenue is redacted - **Product mix**: ~60% pay-out, ~30% card issuance, ~10% pay-in; card issuance growing faster - **Client count growth**: 200+ clients; 30–40% net new clients per year - **Virtual cards outstanding**: 30m issued; growing 50%+ YoY given product expansion - **Headcount**: 600+; grows in line with revenue at roughly 50% YoY near-term - **Gross margin**: ~40–60% - payments infra businesses have significant pass-through (interchange, correspondent banking) reducing gross margin; card issuance has higher margins - **Opex / EBITDA**: EBITDA negative at Series D stage; path to breakeven modelled over 3–4 years - **FX / hedging revenue**: minor additional revenue line from FX spread on cross-currency transactions - **Ixaris acquisition synergies**: Already consolidated Jan 2021 per pro-forma note; model from combined entity - **Scenarios (Base / Bull / Bear)**: - **Base**: Volume grows ~65% YoY, take rate stable, headcount grows ~45% YoY - **Bull**: Volume grows 90%+ (new enterprise wins, geographic expansion accelerates), take rate ticks up as card issuance mix rises - **Bear**: Volume growth slows to 30–40% (macro, FX volatility, client churn), take rate compression from competitive pressure - **Required sheets / outputs**: 1. Assumptions - all drivers in one place 2. Volume & Revenue build (by product line: pay-out, card issuance, pay-in) 3. P&L (net revenue → gross profit → EBITDA → net income) 4. Headcount & Opex schedule 5. Cash flow & runway (pre-/post-Series D) 6. Balance sheet (simplified - key: cash, receivables, regulatory capital requirements) 7. KPI dashboard (TPV, net revenue, take rate, clients, virtual cards, API calls) 8. Scenarios tab ## Frequently asked questions ### Is the Nium financial model free? Yes. The Nium model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.