Singapore-based digital cross-border payments startup InstaReM has raised around ₹142 crore ($20 million), marking the first close of its series C funding round. The startup is looking to close its series C round at ₹320 crore ($45 million), by January 2019.
The latest round was led by new investors MDI Ventures and Beacon Venture Capital. While the existing investors that participated in the round include Vertex Ventures, GSR Ventures, Rocket Internet, and SBI-FMO Fund.
The funds raised will be used to accelerate growth in existing markets and enter new markets like Japan and Indonesia.
InstaReM was founded by Prajit Nanu, a former TMF Group executive, and Michael Birmingham in 2014. The startup offers streamlined cross-border money transfer for individuals and businesses, with the aim of making global money transfers easy.
The fintech startup has offices across regions including Singapore, Australia, India, Europe, United States, Hong Kong, Canada, and Malaysia.
After receiving clearance from the Indian apex bank in September 2017, InstaReM started its Indian cross-border outward remittance services in partnership with DCB Bank.
Prajit Nanu, Mumbai-bred co-founder and CEO of InstaReM said, “In less than 4 years, we have become the payment backbone for emerging markets for banks and other global financial. We are still a young firm, but a hungry one, this new round of funding enables us to accelerate growth by launching new products.”
Earlier in July 2017, InstaReM raised $13 million in a series B funding round led by Silicon Valley Bank and GSR Ventures. Till date, the startup has raised more than $60 million across multiple funding rounds, according to Crunchbase.