Singapore-headquartered electronic payments startup InstaReM, has secured $45 Mn in Series C financing, announcing the initial near $20 Mn.
The most recent round of financing was led by new shareholders, MDI Ventures (the VC arm of Indonesia’s Telkom) and Beacon Venture Capital (the VC arm of Thailand’s KASIKORNBANK).
Present investors Vertex Ventures, GSR Ventures Rocket Internet, and SBI-FMO Fund also participated in the round.
InstaReM will utilize the funds to accelerate expansion in existing markets and enter new markets in Japan and Indonesia, in which the provider is anticipated to get licenses from the end of the season.
Additionally, the business intends to establish a new consumer and business product in 2019.
Founded in 2014 from Prajit Nanu and Michael Bermingham, InstaReM delivers global money transfers to people and companies and now operates in over 55 nations. The company has regulatory licenses and approvals in Singapore, Australia, India, Europe, United States, Hong Kong, Canada and Malaysia.
With the brand new funding, the organization’s total capital until date has reached $63 Mn. The Series C round is anticipated to close by January 2019, at the run-up into the organization’s planned initial public offering (IPO) at 2021.
Prajit Nanu, Mumbai-bred co-founder and CEO of InstaReM stated,”In less than 4 decades, we’ve come to be the payment backbone for emerging markets for banks as well as other international financial. We’re a young company, but a starving one, this fresh form of financing enables us to accelerate growth by launching new products”
The organization, which obtained clearance by the Reserve Bank of India in September, 2017, recently established its Indian cross-border external remittance providers in partnership with all the DCB bank.
InstaReM serves bigger corporate and institutional customers with a service known as’MassPay’ — an global small business obligations platform with majority and customised payments centre, multi-currency payments, along with other time and cost effective payment features.
In 2018, InstaReM partnered with Ripple, a venture blockchain network, letting them set new corridors from Brazil into Spain, Italy, Germany, France and Portugal.
Nicko Widjaja, CEO of MDI Ventures said,”We see InstaReM has powerful ability to empower cross-border and remittance involving Indonesia and its global partners. As part of our thesis in MDI Ventures, we’re eager to encourage InstaReM with their growth in Indonesia and ASEAN through a strategic partnership with different Telkom business units across the area.”