Nium has raised $50 million in its Series E round with plans to accelerate its growth in the B2B payments market.

The real-time, cross-border payments company received the funding in the round led by an unidentified sovereign wealth fund in Southeast Asia. The fund joins other former investors including BOND, Tribe Capital and NewView Capital.

With the new funding, Singapore-based Nium sits at a valuation of $1.4 billion, the company said in its Tuesday announcement.

“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions, particularly as we focus on serving the needs marketplaces, SaaS platforms, travel and financial institutions, for whom payments are mission critical,” said Prajit Nanu, founder and CEO of Nium.

Nanu continued: “Our recent enterprise wins with globally recognized brands show that there is strong demand for our customer-centric B2B payment solutions as global businesses overhaul systems for the real-time era.”

In 2023, Nium saw a revenue uptick of 50% in comparison to 2022, which it attributes to its product development roadmap. The company also has seen an expansion of a license portfolio that allows it to do business in several jurisdictions. Nium has regulatory authorizations in more than 40 countries and recently received approvals in Japan and New Zealand.

Nium intends to use the funding to hire top tier talent, fuel global network expansion, push product innovation and to pursue mergers and acquisitions. In 2021 Nium acquired Ixaris, ending its near two-decade tenure as an independent company.

“This investment is proof of our global success at a time when raising money is exceptionally difficult for late-stage, venture-backed companies,” said Nanu. “Our investors believe in our long-term mission of building the payments infrastructure for on-demand money movement and this additional investment will allow us to accelerate our aspirations.”