A Singapore-based remittance startup, Instant Remittance (InstaRem), announced the close of its US$ 41 million Series C funding round, adding another US$20 million to the sum announced as the first close in November 2018. Singapore-based Vertex Growth Fund (VGF) and Atinum Investment, a venture capital firm from South Korea, are some of the new investors on board.
InstaRem is a digital cross-border payments company that is operating in over 50 countries. Founded in 2015, InstaRem has raised US$ 59.5 million in three rounds of funding, making it one of the top ten most funded fintech companies in Southeast Asia. The company says it will utilise the fresh funds to accelerate growth in existing and new markets. InstaRem is currently in the process of obtaining licenses in Indonesia and Japan.
According to co-founder & CEO Prajit Nanu, InstaRem wants to make moving money internationally faster and more convenient through seamless digital payments. At the end of last year, the platform launched a new feature that enables small and medium business owners to make quick and efficient payments in multiple currencies.
“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,” he said in an official statement.
In 2019 InstaRem plans to open a regional headquarter in Latin America and strengthen its teams in London and Seattle ahead of launching new card-based payments features in multiple markets before the end of 2019.
InstaRem is VGF’s’s first investment in a Southeast Asian company.
Editor: Nadine Freischlad