InstaReM Secures $45 Mn In Series C Funding
InstaRem, which is a Singapore based digital cross-border payment solutions startup has now secured $142 crore in the funding round of Series C. The startup is also looking to close its Series C funding of Rs 320 crore by the end of January 2019.
The investors include the MDI ventures, Vertex Ventures, GSR Ventures, SBI-FMO Fund, Rocket Internet with the participation from the existing investors in the round include the Beacon Venture Capital.
The new fund raised is now going to accelerate growth in the existing markets and enter into the new market of Japan and Indonesia.
InstaReM was founded by the Prajit Nanu, a former TMF group senior executive, and Michael Birmingham in the year 2014. The startup provides the streamlines cross-border money transfer for the businesses and individual people with the aim of making the transfer of money easy and straightforward.
The fintech startup has its offices located in Australia, Singapore, Europe, India, Malaysia, Hong Kong, Canada and the United States of America.
After getting a clear cut from the Indian apex Bank that is RBI in the September 2017, the startup started with its Indian cross-border outward remittance services in collaboration with the DCB bank.
Prajit Nanu, Mumbai-bred co-founder and CEO of InstaReM said, “In less than 4 years, we have become the payment backbone for emerging markets for banks and other global financial. We are still a young firm, but a hungry one, this new round of funding enables us to accelerate growth by launching new products.”
Before that, InstaRem secured $13 Million in the funding round of Series B that was sled by the Silicon Valley Bank and GSR Ventures. As of now, InstaRem has raised more than $60 Million across the multiple funding round, the report revealed.