Payments firm InstaReM announced the first close of its $45 million series C funding round as over $20 million. The financial technology (fintech) company claims that its current funding round is one of the largest in South-East Asian history.
Based in Singapore, InstaReM provides cross-border payments services across the globe. Currently, the fintech company has licenses to operate in Singapore, Australia, Hong Kong, the United States, Canada, Malaysia, India, and Europe.
The money raised in this latest round of funding will go towards expanding the company’s reach and product development. Alongside efforts to grow in its existing markets, InstaReM says it hopes to get Japanese and Indonesian licenses by the end of this year that will allow it to enter the markets of those two countries.
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“InstaReM Captured Our Imagination”
In a statement released on Thursday, announcing the funding round’s success, the company also said that it has “aggressive plans” for new products. That means the company will be launching a new enterprise solution and consumer product next year.
“The promise we’ve made to our customers, from day one,” Prajit Nanu, Co-founder & CEO of InstaReM,” is that we’ll always be transparent, and we’ll forever give them the best value we can to help them [do more] with their money.”
The bulk of the money that Nanu’s company has raised came from two sources; MDI Ventures, the venture capital (VC) arm of Indonesian telecoms company Telkom, and Beacon Venture Capital, the VC arm of Kasikornbank – Thailand’s fourth largest commercial bank.
“InstaReM’s unique strength in enabling cross-border payment and remittance between Indonesia and its international partners captured our imagination,” said Nicko Widjaja, CEO of MDI Ventures. “With Indonesia’s fintech sector experiencing peak levels of growth, we believe that now is the time for fintech companies, such as InstaReM, to focus on expansion throughout the country.