InstaReM closes US$41mil Series C funding round
By Digital News Asia March 19, 2019
- Round is led by Singapore’s Vertex Growth Fund; their first investment in Southeast Asia
- InstaReM is expected to receive licences in Japan and Indonesia later this year
SINGAPORE-headquartered InstaReM, an Asia digital cross-border payments company with a global presence in over 50 countries, announced the close of its US$41 million (RM167.18 million) Series C funding round in Singapore.
The company’s growth has attracted an additional US$20 million (RM81.55 million) round led by Singapore-based Vertex Growth Fund (VGF) and supported by new investor, Atinum Investment, a venture capital investor from South Korea.
This latest round takes InstaReM’s total funds secured to US$59.5 million (RM242.62 million), making the Singapore startup one of the top ten 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.
“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.
“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,” said InstaReM co-founder and chief executive officer Prajit Nanu (pic).
2019 will be a significant year for InstaReM with the plan to open 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.
All this comes after the fintech outfit secured card issuing abilities from the global payments giant Visa and embarked on a card programme in Asia (to be delivered in a fraction of the typical nine-month development period), with plans to extend this capability through to Australia, Hong Kong and Malaysia by 3Q19.
InstaReM recently became the first foreign digital money transfer service provider in Malaysia to get 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.
“There is still room for improvement in user experiences in cross-border payments despite the breakthroughs in technology. That’s why we decided to make InstaReM our first investment in Southeast Asia. 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 Vertex Growth Fund, who joins InstaReM’s board.