Singapore-headquartered cross-border payments company InstaReM announced that it has raised an additional funding of $20 million (Rs 137 crore) as part of its ongoing Series C round led by Singapore-based Vertex Growth Fund (VGF) and new investor Atinum Investment from South Korea.
This closes the round in which it had raised a little more than $20 million (Rs 143.15 crore) in November 2018, led by new investors MDI Ventures, the VC arm of Indonesia’s Telkom, and Beacon Venture Capital, the VC arm of Thailand’s Kasikornbank. Vertex Ventures, GSR Ventures Rocket Internet, and SBI-FMO Fund also participated.
With this, InstaReM’s has raised a total of $61 million (Rs 418 crore), according to the company.
The funding will be used to accelerate growth in existing and new markets. InstaReM is expected to receive licences in Japan and Indonesia later this year. The digital transfer company is also expecting to launch its IPO in 2021.
Speaking on the fund raise, Prajit Nanu, Co-founder and CEO of InstaReM, said,
“It’s the whole concept of open money we’re trying to par, through this funding. 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.”
In a statement, the company said that it plans to open its regional headquarters in Latin America and is looking to strengthen its teams in London and Seattle, ahead of launching a cards platform in multiple markets before the year closes. At present, InstaReM has offices in 8 locations globally, with its largest office in Mumbai supporting the cross-border payments firm’s global operations.
On the fund raise, James Lee, Managing Director of Vertex Growth Fund, who joins InstaReM’s board, said:
“There is still room for improvement in user experiences in cross-border payments despite the breakthroughs in technology. That’s why we decided to make InstaReM our first investment in Southeast Asia. What makes us confident about InstaReM is the sheer determination of its founders, who is backed by a solid team.”
James also added that they are keen to support InstaReM with their expansion in the North American, Europe, Latin American and ASEAN regions through strategic investment and advice.
While Aram Shin, Vice President and Head of Southeast Asia for Atinum Investment, said,
“Speaking with their customers and partners, we recognised the dedication the founders had towards maximising value for their clients through tailored products and customer service. We are looking forward to working alongside InstaReM and keen to add to its success.”
Currently, Atinum manages 5 investment funds, with operating assets worth $450 million.
InstaReM claims that its solution is being leveraged by financial institutions, SMEs and individuals to make fast, low-cost cross-border payments in more than 55 countries.
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