InstaReM, a Southeast Asia-based digital cross-border payments company, has announced the close of its SGD55.4 million (USD41 million) Series C funding round in Singapore. The latest round of funding is led by Singapore’s Vertex Growth Fund and is supported by a new investor Atinum Investment, a leading Venture Capital investor from South Korea.
“This latest round takes InstaReM’s total funds secured to SGD80.3 million (USD59.5 million), making the Singapore startup one of the top10 most funded fintech companies in Southeast Asia. The digital transfer company is expected to IPO in 2021. The proceeds of the latest round of funding will be used to accelerate growth in existing and new markets, with InstaReM expected to receive licences in Japan and Indonesia later this year. It will also launch new products (including a cards platform),” said InstaReM in a press release issued today.
“When we started InstaReM four years ago, our mission was to make moving money internationally, faster and more convenient through seamless digital payments. Our mission remains unchanged, the latest round of funding reflects investors’ continuing confidence in our business and value proposition,” said Prajit Nanu, Co-founder and CEO of InstaReM.
“The digital cross-border payments market is growing and disrupting at an unprecedented rate. For InstaReM to continue to expand and stand out we need to offer a customer experience like no other, and so that’s our main focus as we move forward,” he added.
There are ambitious plans for the fintech company in 2019 for opening a regional headquarters in Latin America and strengthening its teams in London and Seattle ahead of launching a cards platform in multiple markets before the year closes.
InstaReM has also secured card issuing abilities from the global payments giant Visa and embarked on a card program in Asia (to be delivered in a fraction of the typical 9-month development period), with plans to extend this capability through to Australia, Hong Kong and Malaysia by the third quarter of the current year.
The fintech company recently became the first foreign digital money transfer service provider in Malaysia to get the Bank Negara Malaysia’s approval to onboard customers with the electronic KYC (e-KYC) process, which is expected to accelerate the company’s growth in the country.
InstaReM’s mission remains to democratise payments across the globe. The company’s next-generation payments platform makes it possible to send local ACH or real-time payments in over 50 countries, to issue virtual or physical cards in 25 countries and collect payments for SMEs in 35 countries. InstaReM already powers payments for four of the top ten Southeast Asian Banks.
“What makes us confident about InstaReM is the sheer determination of its founders, backed by a solid team of professionals that work round-the-clock to provide a great product and experience to their consumer and enterprise customers. We have been witness to InstaReM’s phenomenal growth in the last four years and are keen to support them with their expansion in the North American, Europe, Latin American and ASEAN regions through strategic investment and advice,” said James Lee, managing Director of Vortex Growth Fund, who joins InstaReM’s board.
“InstaReM has been able to expand globally and scale its operations without losing focus on its core values: reducing the costs and time needed for cross-border payments. Speaking with their customers and partners, we recognized the dedication the founders had towards maximizing value for their clients through tailored products and customer service. We are looking forward to working alongside InstaReM and keen to add to its success,” said Aram Shin, Vice President and Head of Southeast Asia, Atnium Investment.
InstaReM is a Singapore-headquartered digital cross-border payments company with presence in 50 countries across Asia-Pacific, North America and Europe.
