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Bloomberg
Nium, a Singapore-based fintech startup backed by state-owned investor Temasek Holdings Pte, agreed to buy payments firm Ixaris for an undisclosed amount to expand in Europe before pursuing an initial public offering in the US.
All of Ixaris’s 86 employees in London and Malta will join Nium, according to an emailed statement from Nium.
Ixaris, based in London, is best known for introducing Europe’s first virtual prepaid card in 2003. An e-money licensed entity in Europe, the firm helps airlines and online travel agents reduce surcharges and earn rebates.
Nium is broadening its geographic reach before targeting an IPO in the US in 18 to 24 months, Chief Executive Officer Prajit Nanu said in an interview. The company expects to announce an acquisition in India in about six weeks and another deal before the end of the year.
“We are on a path to an IPO,†Nanu said in an interview.