InstaReM has already raised over US$18 million in the last 18 months
Singapore-based cross-border e-payments startup InstaReM has raised US$13 million in a Series B round led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund (SBI-FMO Fund), Vertex Ventures, Fullerton Financial Holdings (FFH), and Global Founders Capital (GFC).
The fintech company will use the newly-raised financing to build its global payment infrastructure, and develop new products and licensing activities in new markets.
“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,” said Prajit Nanu, co-founder and CEO of InstaReM, in an official press statement.
By this year, InstaReM plans to be in a few new markets, including the US and countries in Europe. It is already available in Australia, Singapore, Hong Kong and Canada.
For its Europe clients, the company plans to roll out a new payment system to speed up Euro payment transfers from 24 hours to less than 10 seconds across 334 member countries.
Founded in 2014, InstaReM has raised over US$18 million in funding over the last 18 months. Clients using the service can send money to more than 50 countries.
It claims that since March 2016, its transaction volume has grown by eight times.
With the rise of e-commerce and digital payments, global cross-border transactions have been rapidly growing.
In 2014, a report by McKinsey put cross-border payments at 20 per cent of global payment flows; representing US$190 billion in revenue. No doubt, this figure will continue to increase as consumers increasingly leverage on e-payments.
Image Credit: InstaReM
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