Fintech unicorn Nium to acquire alternative payments platform SoCash

Megan Cheah

Published Tue, Apr 26, 2022 · 01:19 PM

HOME-GROWN payments unicorn Nium on Tuesday (Apr 26) announced it will be acquiring SoCash, a Singapore-based alternative payments network platform, for an undisclosed sum.

Founded in 2015, SoCash enables customers to deposit, withdraw and make payments with cash from more than 30,000 local shops, cafes and grocery stores in Singapore, Malaysia and Indonesia, turning them into cash withdrawal points that are a cheaper alternative to bank ATMs.

The acquisition, expected to be completed in the third quarter of 2022, will provide Nium with the ability to accept physical payment methods for e-commerce.

Nium co-founder and chief operating officer (COO) Pratik Gandhi said SoCash is estimated to save up to 30 per cent in commissions paid, compared to current in-app payment costs.

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

Both Nium and SoCash are backed by venture capital firm Vertex Ventures.