InstaReM has announced the close of its US$ 41 million Series C funding round in Singapore. The company’s 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 Venture Capital investor from South Korea.
This latest round takes InstaReM’s total funds secured to US$ 59.5 million, making the Singapore startup one of the top ten most funded fintech companies in Southeast Asia. The digital transfer company is expected to IPO in 2021. The proceeds of the latest round of funding will be used to accelerate growth in existing and new markets, with InstaReM expected to receive licences in Japan and Indonesia later this year.
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’s mission remains to democratise payments across the globe. The company’s 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.
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.”