Eyeing IPO in 2021, Instarem Raises US$20 M in Series C Roundby Fintechnews Singapore November 22, 2018
InstaReM, a digital cross-border payments company headquartered in Singapore, secured a first close of more than US$ 20 million led by new investors MDI Ventures (the VC arm of Indonesia’s Telkom), and Beacon Venture Capital (the VC arm of Thailand’s KASIKORNBANK). It supported by existing investors, Vertex Ventures, GSR Ventures, Rocket Internet and SBI-FMO Fund.
The Series C round of US$ 45 million, which takes the digital remittance fintech’s overall funding to over US$ 63 million, is expected to close by January 2019, in advance of its expected IPO in 2021.
With fresh funding InstaReM aims to accelerate growth existing markets and enter new markets in Japan and Indonesia, where it is expected to receive licenses by the end of this year
This round will also enable InstaReM to launch a new consumer and enterprise product in 2019 for which the company has aggressive plans.
With regulatory licenses and approvals in Singapore, Australia, India, Europe, United States, Hong Kong, Canada and Malaysia, and its global banking partnerships, InstaReM claims to be able to reach to over 3.21 billion consumer and business customers across 55+ countries worldwide.
Additionally Instarem has also previously team up with Ripple to for payouts to South East Asian countries