MUMBAI/SINGAPORE, 19 MARCH 2019: InstaReM, Asia’s only digital cross-border payments company with a global presence in over 50 countries, is well on its way to become an integrated open money service provider.
It announced the additional US$ 20 million (INR 137 crore) round led by Singapore-based Vertex Growth Fund (VGF) and supported by new investor, Atinum Investment, a leading Venture Capital investor from South Korea, thereby closing its series C first announced in November 2018.
instarem to deploy series c to create world’s 1st open money platform
This latest round takes InstaReM’s total funds secured to US$ 61 million (INR 418 crore), 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.
Prajit Nanu, the India-born 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. Its 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. 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.”
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 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 is expected to accelerate the company’s growth in the country. InstaReM has offices in 8 locations globally, with its largest office in Mumbai supporting the cross-border payments firm’s global operations.
InstaReM’s mission remains to democratise payments across the globe. The company’s next-generation 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. InstaReM already powers payments for four of the top ten Southeast Asian Banks.
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, backed by a solid team of professionals that work round-the-clock to provide a great product and experience to their consumer and enterprise customers. We have been witness to InstaReM’s phenomenal growth in the last four years and are keen to support them with their expansion in the North American, Europe, Latin American and ASEAN regions through strategic investment and advice.”
Aram Shin, Vice President and Head of Southeast Asia for Atinum Investment, said:
“InstaReM has been able to expand globally and scale its operations without losing focus on its core values: reducing the costs and time needed for cross-border payments. Speaking with their customers and partners, we recognized the dedication the founders had towards maximizing 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.”
Atinum Investment is a top-notch Venture Capital firm with comprehensive expertise in unearthing companies with high growth potential. For the past 28 years, Atinum Investment has invested in about 350 companies, having nurtured a number of small- and medium-sized companies. Currently, Atinum manages 5 investment funds, with operating assets about US$ 450 million. Atinum Investment has been awarded “Best Venture Capital” and “Best Fund” awards in recent years, and is recognized as one of the industry’s leading venture capital firms.