Prajit Nanu, co-founder and CEO of InstaReM

Asian payment solution provider InstaReM, has announced the close of its $41 million Series C funding round in Singapore. The company said its growth has attracted an additional $20 million investment in Series C round, led by Singapore-based Vertex Growth Fund (VGF) and supported by new investor, Atinum Investment, a Venture Capital investor from South Korea.

This latest round takes InstaReM’s total funds secured to $59.5 million, making the Singapore startup one of the top ten most funded fintech companies in Southeast Asia. The company is expected to IPO in 2021. The proceeds of the latest round of funding, it said, will be used to accelerate growth in existing and new markets, with InstaReM expecting to receive licences in Japan and Indonesia later this year.

The company also has 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. The outfit has also secured card issuing abilities from Visa and embarked on a card program in Asia, 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 promises to accelerate the company’s growth in the country.

“When we started InstaReM four years ago, our mission was to make moving money internationally, faster and more convenient through seamless digital payments,” said Prajit Nanu, co-founder and CEO of InstaReM. “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.”

by Guy Matthews