FinTech platform Nium partners with Visa to offer card issuance in Australia

By Edil Corneille

FinTech company Nium has become a Visa issuer in Australia as part of its membership in Visa’s FinTech Fast Track programme. With the issuance licence, Nium is able to provide end-to-end issuing, processing and onboarding services, and shorten the lead time for the Visa card issuance to four to six weeks.

In May, the FinTech announced its fundraise where Visa participated in the funding round along with existing investors. BRI Ventures, the corporate venture arm of Bank BRI of Indonesia was another new investor that joined the fold.

Nium will be able to conduct real-time funds transfers to physical and virtual Visa Credit and Debit cards; enable secure digital payments through tokenisation for in-stores, online payments and at ATM points; and offer multi-currency cards with multi-pocket/ wallet spend management features.

“One of Nium’s primary goals is to improve business efficiency through the introduction and facilitation of financial technology, and this partnership with Visa allows us to do that at scale. The flexibility of our APIs tools and turnkey infrastructure, coupled with Visa products and services, allow us to support different use cases for Spend Management seen across various business models and platforms, from companies looking to reconcile T&E for employees, businesses looking to pay suppliers and vendors overseas, or innovative technology companies looking to send payments to their community, we are able to customise the solution for each and every single one of them,” expounded Gitesh Athavale, Head of Product (Cards), Nium.

Nium has recently worked with Australian SME banking solutions provider Budgetly, to offer corporate cards to their SME clientele. The card will be linked to Budgetly’s analytics tools to help small businesses with cash flow monitoring and expense tracking. Nium is also working with Australian music platform Emanate, to disburse royalties to musicians and artistes via the corporate StreamCard.