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.
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.”