InstaReM secures USD 20 mln in first Series C round

Friday 23 November 2018 11:56 CET | News

Southeast Asia’s digital cross-border payments company InstaReM has announced the first close of its USD 45 million Series C round, at over USD 20 million.

The first close is led by new investors MDI ventures (the venture capital arm of Telkom) and Beacon Venture Capital (the venture capital arm of Kasikornbank) and supported by existing investors Vertex Ventures, GSR Ventures Rocket Internet, and SBI-FMO Fund.

The Series C round of USD 45 million, which takes the remittance fintech’s overall funding to over USD 63 million, is expected to close by January 2019 and will be used to drive growth in new markets and to support the launch of a new consumer and enterprise product in 2019.

With presence across Asia-Pacific, North America, and Europe, InstaReM powers local payments to more than 55 countries and 3.21 billion people. In March 2016, InstaReM raised a USD 5 million Series A round led by Vertex Ventures, with participation from Fullerton Financial Holdings and Global Founders Capital. In July 2017, InstaReM received another USD 13 million investment Series B funding led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital.

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Keywords: InstaRem, Asia, cross-border payments, series C, local payments, online payments
Countries: World