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

Singapore-based digital cross-border payments company InstaReM has completed the first close of its $45-million Series C funding round at over $20 million, led by Indonesia’s MDI Ventures and Thailand’s Beacon Venture Capital.

Other investors that joined the first close include existing backers Vertex Ventures, GSR Ventures, Rocket Internet and SBI-FMO Fund, the company said in a release.

The $45-million Series C round, which the company describes as one of the most significant Series C funding rounds for a fintech startup in Southeast Asia, is expected to be completed in January 2019.

The fresh capital will enable InstaReM to launch a new consumer and enterprise product in 2019. 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 company’s expansion to Indonesia will be supported by new investor MDI Ventures, the VC arm of Indonesia state-owned telco firm Telkom Indonesia.

“With Indonesia’s fintech sector experiencing peak levels of growth, we believe that it is the ideal time for fintech companies, such as InstaReM, to focus on expansion throughout the country. As part of our thesis at MDI Ventures, we are keen to support InstaReM with their expansion in Indonesia and ASEAN through strategic partnership with various Telkom business units around the region,” said MDI Ventures CEO Nicko Widjaja.

InstaReM develops a digital payments platform that leverages the latest technology to help its individual and enterprise customers send money to their destinations quicker and at a lower cost than its competitors.

With regulatory licenses and approvals in Singapore, Australia, India, Europe, United States, Hong Kong, Canada and Malaysia, and its extensive global banking partnerships, InstaReM says its can potentially reach over 3.21 billion consumers and business customers across over 55 countries worldwide.

The company raised a $13-million Series B investment last year led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund (SBI-FMO Fund), Vertex Ventures, Fullerton Financial Holdings (FFH), and Global Founders Capital (GFC).

InstaReM’s Series C funding round will take the digital remittance fintech startup’s overall funding to over $63 million. It has previously revealed plans to go public in 2021.

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

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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.