InstaReM raises US$13 million to build global payment infrastructure
The digital global payments company will use the funding to expand into Europe and US markets.
One of the leading digital cross-border payments companies, InstaReM, has secured US$13 million in funding, bringing the amount it has raised in the past 18 months to US$18 million.
InstaReM offers online international money transfer services and has grown eight times in volume since March 2016. It lists Australia as its biggest market to date.
InstaReM plans on using the money raised to build its global payment infrastructure and expand into all Europe and US markets. The investment was led by GSR Ventures, with participation from the SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings and Global Founders Capital.
Co-founder and CEO of InstaReM Prajit Nanu has said that these investors will help take the company into new global markets.
“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 Fund’s strong base in Japan and other emerging markets, we believe we have found the best partners for this phase of our journey.”
“We aim to make cross-border payments a level playing field for all operators in the ecosystem. So, regardless of if our client is a bank, telco, mobile wallet or a money transfer operator (MTO), 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,” said Nanu.
By the end of the year, InstaReM plans on expanding across Europe and the US and developing new products in these markets. A new payment system will be introduced in Europe to speed up payment transfers from 24 hours to less than 10 seconds.
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