InstaReM, a Singapore-based cross-border payments company, held the first close of its US$45m Series C round, at over US$20m.
The first close was led by new investors MDI ventures (the venture capital arm of Telkom) and Beacon Venture Capital (the venture capital arm of KASIKORNBANK) with participation from existing investors Vertex Ventures, GSR Ventures Rocket Internet and SBI-FMO Fund.
The Series C round (to be completed in January 2019) will be used to drive growth in new markets, to enter new markets in Japan and Indonesia, and to support the launch of a new consumer and enterprise product in 2019.
Launched in 2015 by Prajit Nanu, CEO, InstaReM provides a digital cross-border payments platform that leverages technology to allow individual and enterprise customers to send money to their destinations. The company now covers 40+ countries including Australia, Singapore, Hong Kong, United States, Canada, Malaysia, India and Europe, has regulatory licenses and approvals in Singapore, Australia, India, Europe, United States, Hong Kong, Canada and Malaysia, and global banking partnerships.