InstaReM, a Singapore based digital cross-border payments company, closed its US$ 41m Series C funding round.
The round, which brought total funds secured to date to US$59.5m, was led by Vertex Growth Fund with participation from new investor Atinum Investment. In conjunction with the funding, James Lee, Managing Director of Vertex Growth Fund, joined InstaReM’s board.
The company which expects to receive licences in Japan and Indonesia later this year, intends to use the funds to grow in existing and new market and launch new products (including a cards platform).
Led by Prajit Nanu, co-founder & CEO, InstaReM is an Asian digital cross-border payments company. Its 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, which powers payments for four of the top ten Southeast Asian Banks, 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 its growth in the country.
In 2019, InstaReM plans to open a regional headquarters in Latin America and strengthen its teams in London and Seattle ahead of launching a cards platform in multiple markets before the year closes.
Earlier investors in the company include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures and Beacon Venture Capital.
The company is expected to IPO in 2021.