Cross-border payments firm InstaReM raises $45M from Telkom’s VC arm, Rocket Internet, others
Bengaluru, 22 Nov, 2018. RedNewswire/-
Digital cross-border payments firm InstaRem has raised $20 million from the first close of its series C funding led by new investors MDI Ventures, the VC arm of Indonesia’s Telkom, and Beacon Venture Capital, the VC arm of Thailand’s KASIKORNBANK. Existing investors, including Vertex Ventures, GSR Ventures, Rocket Internet and SBI-FMO Fund, have also participated in the round.
The raised capital will be used to accelerate growth in InstaRem’s existing markets and to facilitate its entry into new markets, such as Japan and Indonesia. The Singapore-based company is expected to obtain licenses in the two countries by end-2018.
InstaRem hopes to raise 45 million from this series C, which is expected to close by January 2019 in the run up to its expected initial public offering in 2021.
The funding will accelerate growth in InstaReM’s existing markets and enable it to enter new markets in Japan and Indonesia, where the company is expected to receive licenses by the end of this year. The company will also launch a new consumer and enterprise product in 2019.
InstaReM was Founded by Indian entrepreneur Prajit Nanu. It leverages latest technologies to help individuals and enterprises send money to their destinations quickly and at low cost. It serves larger institutional and corporate clients with its MassPay product, an international business payments platform with bulk and customised payments facility, multi-currency payments and accounts and a host of other time and cost-efficient payment features.
In 2018, InstaReM partnered with Ripple to leverage its enterprise blockchain network. InstaReM claims it is able to reach out to 3.21 billion consumer and business customers across 55-plus countries worldwide.
“We are still a young firm, but a hungry one, this new round of funding enables us to accelerate growth by launching new products,” Nanu, chief executive of the venture, said in the statement.
“By providing the lowest exchange rates among competing services, InstaReM provides significant value to both local and foreign migrant workers looking to transfer funds to their home countries and to local businesses looking to conduct trade with international parties,” said Nicko Widjaja, CEO at MDI Ventures.