Singapore-based digital cross-border payments company InstaReM has raised an additional $20 million to close its Series C financing round at $41 million, the company announced on Tuesday.
DEALSTREETASIA had reported in November that the Singapore-based startup made the first close of its Series C funding round at over $20 million, led by Indonesia’s MDI Ventures and Thailand’s Beacon Venture Capital. The firm was looking to raise around $45 million for the round.
The company, which is planning an IPO in 2021, said it is one of the top ten most-funded fintech companies in Southeast Asia after the latest round that brings its total funding to $59.5 million.
The fresh capital will enable InstaReM to launch a new consumer and enterprise product this year. It will also be used to accelerate growth in the company’s existing markets and enable it to enter new markets in Japan and Indonesia, where it is expected to receive licenses by the end of this year.
“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,” said InstaReM co-founder and CEO Prajit Nanu.
InstaReM claims that its 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.
The company also announced its plans to set up its 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.
“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,” said Vertex Growth Fund managing director James Lee, who joins InstaReM’s board as a result of the financing.
InstaReM’s earlier investors include Global Founders Capital, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures, and Beacon Venture Capital.