InstaReM, a Singapore-based digital cross-border payments firm, has raised $13m in funding round led by GSR Ventures, with participation from the SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings and Global Founders Capital.
The latest round of investment brings the total amount raised by the company in the past 18 months to more than $18m.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The company intends to use the fund to build its global payment infrastructure, which has grown eight times in volume since its March 2016 funding.
The investment will also be utilised to develop new products and licensing activities in new markets, the company said.
InstaReM co-founder and CEO Prajit Nanu said: “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 eco-system. So, regardless 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,” Prajit added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
