InstaReM, the Singapore-based digital payments startup has secured $45 million in series C round of funding from MDI Ventures, the VC arm of Indonesia’s Telkom and Beacon Venture Capital, the VC arm of Thailand’s KASIKORNBANK. Existing investors Vertex Ventures, GSR Ventures Rocket Internet, and SBI-FMO Fund also participated in the round.
The firm plans to use the funds to accelerate its growth in existing markets as well as enter new markets in Japan and Indonesia, where the company will receive licences at the end of this year. Moreover, the firm also plans to launch a new consumer and enterprise product next year.
Prajit Nanu and Michael Bermingham founded the startup in 2014. It offers international money transfers to individuals and businesses in more than 55 countries. InstaReM has secured regulatory licences and approvals in Singapore, India, Australia, United States, Hong Kong, Canada and Malaysia.
The startup has raised $63 million in the total capital till date. This series C round of funding is expected to close by January 2019. The firm has planned an IPO in 2021. InstaReM has received a clearance from the Reserve Bank of India in September 2017 and launched its Indian cross-border outward remittance services in partnership with 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.”
Nicko Widjaja, CEO of MDI Ventures said, “We see that InstaReM has strong capability to enable cross-border payment and remittance between Indonesia and its international partners. As part of our thesis at MDI Ventures, we are keen to support InstaReM with their expansion in Indonesia and ASEAN through a strategic partnership with various Telkom business units around the region.”
The firm serves larger institutional and corporate clients with their proprietary service called “MassPay”. MassPay is an international business payment system with bulk and customized payment facilities including multi-currency payments and several other time efficient payment features. In 2018, the company has partnered with Rupple, an enterprise blockchain network to establish new corridors from Brazil to Spain, Italy, Germany, France and Portugal.