Tuesday, 04 July 2017 19:39

InstaReM raises US13 million to drive global expansion

InstaReM raises US13 million to drive global expansion Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Singapore-based cross-border payments provider InstaReM has completed a capital raising of US$13 million, with the funds to be used to build its global payment infrastructure, which it says has grown eight times in volume since its March 2016 funding.

InstaReM, which lists Australia as its biggest market, will also use the funds to develop new products and licensing activities in new markets.

The latest investment round was led by GSR Ventures, with participation from SBI-FMO emerging Asia financial sector fund, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital.

The fund raising brings to US$18 million the amount InstaReM has raised in the last 18 months.

Prajit Nanu, co-founder and chief executive of InstaReM, says by Q4 2017, InstaReM will expand into all markets in Europe and US in addition to the company’s existing success in Australia, Singapore, Hong Kong and Canada.

Along with the expansion into Europe, the company will be implementing a new payment system to significantly speed up euro payment transfers from 24 hours to less than 10 seconds across 34 member countries.

“This is an important investment for the company to propel our next phase of growth and expansion. With GSR Venture’s strong network in China and the US, coupled with SBI-FMO Venture’s strong base in Japan and other emerging markets, we believe we have found the best partners for this phase of our journey,” Nanu says.

“We aim to make cross-border payments a level playing field for all operators in the eco-system. So, regardless if our client is a bank, telco, mobile wallet or a money transfer operator, by accessing our payment infrastructure, they are able to send payments to over 50 markets with full transparency on cost and destination amount, enabling them to compete with global players.”

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Peter Dinham

Peter Dinham - retired in 2020. He is a 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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