Singapore based cross border fintech startup Instarem has reportedly raised an amount of over $20 million in Series C funding round. This round was led by the VC arm of Indonesian telecom operator Telkom, MDI Ventures and the fund belonging to Thai bank Kasikorn, Beacon.
Along with this, existing investors such as Vertex Ventures, GSR Ventures Rocket Internet and the SBI-FMO Fund also participated in this round. The funds raised through the round will be used by the company majorly for global expansion.
With this round, the total funding of the company has reached nearly $40 million to date.
“We are a the stage where the color of the money is very important,” CEO Prajit Nanu said. “It is very key to us that we bring people into the round who can add value to our business.”
The company helps banks transfer money overseas cheaply. It basically works with banks to reduce their overseas transfer costs, offering a kind of ‘Transferwise for enterprise’ service. The company claims to provide its services to over 50 markets with transfers.
Instarem has offices in Singapore, Mumbai and Lithuania and it is opening a presence in Seattle as it begins to look to broaden its business, which already includes three of Southeast Asia’s top ten banks.
Also, the CEO stated that the company will try to work with banks and financial services such as cross-border services which target users with links to Latin America and Mexico initially.