Home Strategy InstaReM closes $58 million funding round

Singapore-headquartered fintech and digital cross-border payments company InstaReM has closed a $58 million series C funding scheme.

The funds will be used to extend the Visa-powered cards platform to fintech companies or start-ups in Australia, Hong Kong and Malaysia looking to be part of Singapore’s payments and remittances ecosystem.

InstaReM says the latest round is led by Singapore’s Vertex Growth Fund and supported by new venture capital investor Atinum Investment from South Korea.

The new funding will also be used to introduce a multi-currency forex card, which InstaReM says will help APAC international travellers save on foreign exchange conversion rates and excessive charges on expenses.

In addition, InstaReM says it plans to increase headcount in the company’s existing London and Seattle offices, and expand to Latin America.

This latest round takes InstaReM’s total fundraising to $84 million, making it one of the top 10 best-funded fintech companies in Southeast Asia.

Founded in 2014, InstaReM first launched its services in Australia in 2015, more than a year before it launched in Singapore and Hong Kong.

Although InstaReM is based in Singapore, the company says Australia still represents its biggest client base.

InstaReM co-founder and chief executive Prajit Nanu said:  “Our primary focus is to make moving money internationally, faster and more convenient for our customers. We’ve built a good relationship with existing investors, and it means they have a lot of confidence in what we’re doing. Our goals are quite ambitious, and they support that.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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