VCs, strategics support $41m round for Singapore's InstaRem
Singapore-based digital payments service provider InstaRem has closed its Series C round with $41 million from a group of investors including Vertex Growth Fund and South Korea’s Atinum Investment.
Additional commitments came from Rocket Internet, GSR Ventures, SBI-FMO Fund – a joint venture between Japan’s SBI Group and Dutch development finance institution FMO – and MDI Ventures and Beacon Venture Capital, the VC arms of Telkom Indonesia and Kasikorn Bank respectively. MDI and Beacon led the first tranche of the Series C, which closed in November.
InstaRem was founded in 2015 to help Asian customers send payments overseas faster and at a lower cost than Western Union and PayPal. The company caters to both individuals and enterprises, using a unique processing system that involves partnerships with local banks to process payments as part of their normal currency trading deal flow rather than as separate transactions.
Proceeds from the new funding round will be used to expand in existing markets and enter new territories. InstaRem operates in 50 countries in Asia, North America, and Europe, and plans to open a regional headquarters in Latin America this year. The company is planning an IPO in 2021.
The latest investment brings InstaRem’s total capital raised to $59 million. The company’s previous funding rounds include a $13 million Series B in 2017 led by GSR Ventures and a Vertex-led Series A round for $5 million in 2016.
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