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.
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.”