Cross-border payments firm InstaReM closes Series C round at $41m

InstaReM co-founder and CEO Prajit Nanu

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.

The new financing was led by existing investor Singapore-based Vertex Growth Fund and backed by new investor South Korea-based venture capital firm Atinum Investment.

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.

Also Read:

Singapore’s InstaReM secures $20m in first close of Series C funding

InstaRem closes $13m Series B round, plans IPO in 2020

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.