Nium partners with Teledolar targeting Latin American expansion

By Pavithra R

Global FinTech platform Nium has announced a partnership with Costa Rica’s leading FinTech platform, Teledolar aiming to improve business efficiency and the customer experience in LatAm, enabling LatAm consumers and businesses to participate in the global digital economy more effectively.

A massive FinTech boom is taking hold in the Latin American landscape. The region one of the fastest-growing in terms of Internet and mobile device adoption, and regulators have been taking examples and trends from Europe’s open banking to break up monopolies established banks and are implementing measures to increase the adoption of digital payments. Besides, the COVID-19 has further exponentialized the growth of FinTechs, and many are turning to them to maintain the level of service amid the crisis.

“Nium’s mission is to improve business efficiency through the introduction and facilitation of financial technology, and today’s announcement of our alliance with Teledolar is a testament to that. Teledolar has been instrumental in creating a fintech platform for consumers, SMEs, banks and financial institutions in Costa Rica to move funds abroad in a more convenient way, and we are excited to work with them to deliver a transfer with better experience, more convenient and faster for your customers,” said Rohit Bammi, Global Director of Institutional Sales for Nium.

Nium’s Latin American expansion is expected to help FinTech, banks, and financial institutions digitize their solutions by providing better digital financial services offerings to their clients. The partnership with Teledolar will enable Teledolar customers to make real-time outgoing international payments to an expanded list of markets, including Europe, the United Kingdom, and the United States, among many others.

“As the global transfer landscape continues to change, the introduction of new digital financial tools will help provide greater access to financial services for consumers and businesses in LatAm. We look forward to working with local entities to simplify cross-border transactions for Your clients,” said Juan Carlos Bedoya, CEO of Teledolar.

“The increased availability of smartphones and mobile Internet, as well as the emergence of next-generation companies, have led to changes in customer expectations about the financial services. Teledolar strives to meet the changing needs of our clients for global wire transfers through continuous improvements and growth of our services. We are proud and excited about the opportunity to be the first Nium partner in Costa Rica , and we look forward to offer our clients better services that are more efficient, secure and provide greater transparency,” added Juan Carlos Bedoya.

Also read: Top Latin American FinTech startups worth keeping an eye on.

InstaReM began in 2014 with a vision to simplify the cross-border payments experience for consumers. While continuing to be an expert in consumer remittances, the firm expanded and scaled its offerings to meet the needs of SMEs, Financial Institutions, Enterprises, and other payment service providers. Its platform Nium, is powered by the FinTech’s portfolio of licenses, hard-earned by building trust with financial regulators in over 90 countries. Nium currently operates its shipping, spending, and receiving business in over 100 countries, 65 in real-time.