InstaReM, a Singapore-based cross-border digital payments company, raised US$13M in Series B funding.
The round was led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund (SBI-FMO Fund), Vertex Ventures, Fullerton Financial Holdings (FFH), and Global Founders Capital (GFC).
The company, which has raised over US$18M in total funding to date, intends to use the funds to build its global payment infrastructure, to develop new products and license activities in new markets in Europe and the United States.
Founded in 2014 and led by Prajit Nanu, CEO, InstaReM is a cross-border payments company licensed as a Money Services Business (MSB) in Singapore, Hong Kong, Australia and Canada. Used by financial institutions, SMEs and individuals, the platform powers fast low-cost cross-border payments to more than 50 countries across the globe.
Along with the expansion into Europe, the company will be implementing a new payment system to speed up Euro payment transfers from 24 hours to less than 10 seconds across 34 member countries.