Instarem aims at Japan and Indonesia with $41m funding
Instarem, the cross-border payments company, has closed a $41 million Series C funding round in Singapore.
The company’s growth has attracted an additional $20 million investment in the Series C round from its original investment, led by Singapore-based Vertex Growth Fund (VGF) and supported by new investor, Atinum Investment, a leading Venture Capital investor from South Korea.
This latest round takes Instarem’s total funds secured to $59.5 million, with an expected IPO in 2021.
Back in November 2018, when the round opened, the firm was aiming at $45 million.
The 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, co-founder and CEO of Instarem, says: “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.”
Instarem 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.
Recently, Instarem secured card issuing abilities from Visa and embarked on a card programme 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 know-tour-customer (KYC) process.