Prajit Nanu, co-founder and chief executive officer, InstaRem

Singapore-based cross-border payments company InstaRem has secured $45 million in Series C funding round, aimed at expansion in Japan and Indonesia. The company expects to receive the licenses for the new markets by end of this year.

Participation from new investors was more than $20 million. These include MDI Ventures (the VC arm of Indonesia’s Telkom), and Beacon Venture Capital (the VC arm of Thailand’s KASIKORNBANK). Existing investors such as Vertex Ventures, GSR Ventures, Rocket Internet and SBI-FMO Fund also supported this round of funding.

The company’s overall funding post this round has crossed $63 million. It is expected to close by January 2019, ahead of its expected initial public offering in 2021.

InstaRem also plans to launch new a consumer and enterprise product next year. The payments company has over 3.21 billion users across 55 countries.

“In less than four years, we have become the payment backbone for emerging markets for banks and other global financial institution,” said Prajit Nanu, co-founder and chief executive officer, InstaReM, emphasizing on transparency and best value delivery to customers.

“By providing the lowest exchange rates among competing services, InstaReM provides significant value to both local and foreign migrant workers looking to transfer funds to their home countries and to local businesses looking to conduct trade with international parties with the hope that they can boost/stimulate international trade exports,” said Nicko Widjaja, chief executive officer, MDI Ventures.

“We have been following InstaReM for some time, and are impressed with the way the company has been expanding globally, and scaling up its operations,” said Thanapong Na Ranong, managing director, Beacon Venture Capital.

InstaReM is a member of Ripple’s global network—RippleNet.

by Parnika Sokhi