Nium, a payments company headquartered in both San Francisco and Singapore, has raised $50 million in its latest funding round led by a sovereign wealth fund in Southeast Asia, valuing it at $1.4 billion, it said in a statement. (sg.finance.yahoo.com)

Nium did not name the sovereign wealth fund but said in its statement dated June 4 that the fund joined other new investors from Nium’s prior funding round, including BOND, NewView Capital, and Tribe Capital.

“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions,” said Nium’s founder and CEO, Prajit Nanu, in the statement.

Nium said it will use the funds to further accelerate its growth plans, including hiring talent and pursuing mergers and acquisitions in the business-to-business payments market, which it said was projected to reach $175 trillion by 2030. (Reporting by Yantoultra Ngui; Editing by Janane Venkatraman )