InstaReM raises $20 million to expand to Japan, Indonesia

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Mumbai, Nov 22: Singapore-based fintech startup InstaReM co-founded by Indian entrepreneur Prajit Nanu has raised $20 million (Rs 143 crore) from new investors supported by existing shareholders. InstaReM has been recognised by the World Bank as the most competitive remittance platform in a number of Asian markets. The firm has acquired a large chunk of the transactions in the Australia-India corridor.
The new investors include MDI Ventures (the VC arm of Indonesia’s Telkom) and Beacon Venture Capital (the VC arm of Thailand’s KASIKORNBANK) supported by existing investors Vertex Ventures, GSR Ventures Rocket Internet and SBI-FMO Fund.
With this round, the company’s total funding has crossed $ 63 million (Rs 451 crore), and is expected to close by January 2019, in run-up to the company’s expected IPO in 2021.
According to a statement issued by the company proceeds of the transactions will be used for extending remittances to new markets in Japan and Indonesia, where the company is expected to receive licenses by the end of this year. This round will also enable InstaReM to launch a new product that will put the power of cost free, borderless payments into the hands of its enterprise and individual customers.
The company currently has permissions in place to reach out to 3.21 billion consumer and business customers across 55+ countries worldwide. Besides direct to consumer services, InstaReM also supports remittance services for top ten Southeast Asian Banks.