InstaReM Completes Record Series C Funding of $45 million; largest in Southeast Asian History
InstaReM, a leading digital cross border payments company raises a significant Series C Funding rounds in Southeast Asian history. With the recent growth, the company saw a first close of more than $20 million, led by new investors MDI Ventures, Beacon Venture Capital and also with the existing investors Vertex Ventures, GSR Ventures Rocket Internet and SBI-FMO Fund. The funding will boost the company’s existing markets and enables it to expand its operations in Japan and Indonesia. Additionally, the funding will also help InstaReM to introduce a new consumer and enterprise product in 2019, for which they have aggressive plans.
Commenting on the occasion, Prajit Nanu, Co-founder & CEO, InstaReM, says, “The promise we’ve made to our customers, from day one, is that we’ll always be transparent, and we’ll forever give them the best value we can to help them #DoMore with their money. No matter where they are in the world, and no matter if they’re a business or an individual sending money overseas, it’s been our mission to be their champion. That’s why we were one of the first Asian remittance providers to move outside of Asia, and that’s another reason why we’ve been able to secure this historic round of funding. 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”.
Founded in 2014, InstaReM is a Singapore-headquartered company and has created a unique payment mesh in Asia. It is also leveraged by financial institutions, SMEs and individuals to make fast and low-cost cross border payments to more than 60 nations. Leveraging the latest technology, InstaReM’s next-generation payments platform aids its individual and enterprise customers to send money to their destinations faster with a lesser cost. With its global partnerships, InstaReM is able to reach out to 3.21 billion customers around the globe.
“We see that InstaReM has strong capability to enable cross-border payment and remittance between Indonesia and its international partners. By providing the lowest exchange rates among competing services, InstaReM provides significant value to both local and foreign migrant workers looking to transfer funds to their home countries and to local businesses looking to conduct trade with international parties with the hope that they can boost/stimulate international trade exports. With Indonesia’s fintech sector experiencing peak levels of growth, we believe that it is the ideal time for fintech companies, such as InstaReM, to focus on expansion throughout the country. As part of our thesis at MDI Ventures, we are keen to support InstaReM with their expansion in Indonesia and ASEAN through strategic partnership with various Telkom business units around the region”, comments, Nicko Widjaja, CEO, MDI Ventures.
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