- InstaReM, Southeast Asia’s hottest digital cross-border payments company has announced the close of its US$ 41 million Series C funding round.
- The latest round of funding is led by Singapore’s Vertex Growth Fund (their first investment in Southeast Asia) and is supported by a new investor Atinum Investment, a leading Venture Capital investor from South Korea.
- The proceeds of this round will be used to drive growth in new markets, and to drive growth in existing and new market and support the launch of new products (including a cards platform).
London, 19 MARCH 2019: InstaReM, Asia’s only digital cross-border payments company closes US $41 million Series C funding round in Singapore. The company’s spectacular growth has attracted an additional US $20 million investment in Series C round, led by Singapore-based Vertex Growth Fund (VGF) and supported by new investor, Atinum Investment, a leading Venture Capital investor from South Korea.
This latest round takes
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 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 Q3 2019.
InstaReM 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.
Prajit Nanu, co-founder & CEO of InstaReM said,
“When we started InstaReM four years ago, our mission was to make moving money internationally, faster and more convenient through seamless digital payments. It’s the whole concept of open money which we’re trying to par. So, you should be able to send money anywhere which is a remittance platform, spend money anywhere which is a card piece and receive money anywhere which is a pay in product. 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.”