Singapore’s Nium to acquire alternative payments network Socash

B2B payment platform Nium has announced a definitive agreement to acquire Socash, a Singaporean alternative payments network, for an undisclosed sum.

Socash is set to be acquired by Nium

The acquisition is expected to close in Q3 2022, subject to customary regulatory conditions.

Socash brings together financial institutions and e-commerce merchants under one platform, enabling consumers to deposit, withdraw and make cash payments from over 30,000 local shops, cafes and grocery stores.

Nium says the acquisition of Socash will give the firm the ability to enable multiple forms of local payment options for e-commerce, especially in emerging markets.

“When compared to current in-app payment costs, we estimate Socash saves up to 30 percent in commissions paid,” says Pratik Gandhi, co-founder and COO of Nium.

“With this acquisition, Nium can offer a lower-cost payment processing alternative for digital merchants, spanning local payment acceptance to global payouts.”

The company has been busy with partnerships and acquisitions of late. In August 2021, the Singapore fintech partnered with London-based foreign exchange and international payments firm GC Partners. In July 2021, Nium hit unicorn status after a $200 million Series D round, and in the same year acquired Wirecard Forex India and B2B travel payments firm Ixaris.

Nium offers an API-based platform which allows banks, payment providers, travel companies and other businesses to collect and disburse funds in local currencies in over 190 countries and issue physical and virtual cards globally.