Singapore-based cross-border payments firm InstaReM has secured over $20m in a series C funding round, which will be used for expansion activities.
InstaReM intends to gather $45m through series C round, which is expected to be completed by January 2019.
The company has gathered funding from new investors MDI Ventures and Beacon Venture Capital, as well as existing investors such as Vertex Ventures, GSR Ventures, Rocket Internet and SBI-FMO Fund.
InstaReM will use the funding to expand its operations in the existing markets and enter into new markets in Japan and Indonesia. The firm is expected to receive licenses in these markets by the end of this year.
The company will also use funding to support the launch of a new consumer and enterprise product in 2019.
InstaReM’s next-generation payments platform is said to leverage the latest technology to support its individual and enterprise customers send money to their destinations quicker and at lower cost than its competitors.
With regulatory licenses and approvals in Singapore, Australia, India, Europe, the US, Hong Kong, Canada and Malaysia and global banking partnerships, InstaReM can reach more than 3.21 billion consumer and business customers across 55 countries.
InstaReM is already supporting three of the top ten Southeast Asian Banks in payments.
InstaReM co-founder and CEO Prajit Nanu said: “The promise we’ve made to our customers, from day one, is that we’ll always be transparent, and we’ll forever give them the best value we can to help them #DoMore with their money.
“No matter where they are in the world, and no matter if they’re a business or an individual sending money overseas, it’s been our mission to be their champion. That’s why we were one of the first Asian remittance providers to move outside of Asia, and that’s another reason why we’ve been able to secure this historic round of funding.”
InstaReM is a member of RippleNet, Ripple’s global network of banks and other financial institutions.
Through its MassPay international business payments platform, InstaReM is already serving larger institutional and corporate clients.