Singaporean payments firm InstaReM has raised an additional $20m as part of its Series C funding round.

The new round was led by Singapore’s Vertex Growth Fund, an existing backer, and new backer Atinum Investment that is headquartered in South Korea.

The latest investment wraps up InstaReM’s Series C fundraising.

The payments firm was targeting nearly $45m through the round.

The new funds will be used to ramp up its growth in markets, where it currently operates, and foray into new markets such as Japan and Indonesia where it is awaiting licences.

The latest funding takes the capital raised by InstaReM till date to $59.5m.

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By GlobalData

The firm intends to launch regional base in Latin America, while bolstering its London and Seattle teams.

Plans are also on to introduce a cards platform in various markets. The firm plans to go public in 2021.

InstaReM co-founder and CEO Prajit Nanu said: “For InstaReM to continue to expand and stand out we need to offer a customer experience like no other, and so that’s our main focus as we move forward.”

As part of the deal, Vertex managing director James Lee will have a seat on the InstaReM board.

Lee noted: “There is still room for improvement in user experiences in cross-border payments despite the breakthroughs in technology.

“That’s why we decided to make InstaReM our first investment in Southeast Asia.”

Last November, InstaReM received an investment of over $20m in Series C funding round.

The round was led by Telkom’s venture capital arm MDI ventures and Kasikornbank’s Beacon Venture Capital fund.

Vertex was among the participants in this round as well.