– InstaReM, a Singapore-headquartered cross-border payments company co-founded by Indian entrepreneur Prajit Nanu, has raised $ 13 million in a round led by GSR ventures, with participation from SBI-FMO ventures, Vertex Ventures, Fullerton Financial Holdings (FFH), and Global Founders Capital (GFC).
In total, InstaReM has raised over $18 million. The company will use this latest investment to building out its global payment infrastructure, which has grown 8x in volumes since its March 2016 funding. The investment will also be used to boost the employee strength of its office in Mumbai where most of the company’s teams are based.
“This fundraise is significant on multiple counts. GSR has a strong network in China and the US whereas SBI-FMO has a strong base in Japan and emerging markets. Jefferson Chen from GSR ventures now joins the InstaRem board,” Nanu said.
Nanu was formerly a global sales director of TMF Group and VP- sales and account management at WNS. He partnered with Michael Bermingham to set up InstaReM in 2014.
“The global payments infrastructure InstaReM is building is unique in this industry and GSR Ventures is excited to join this journey,” Jefferson Chen, partner at GSR Ventures,said.
Suramya Gupta, fund manager at SBI-FMO Fund, said, “We are excited to partner with the InstaReM team to jointly build the leading regional cross-border digital payments platform. We look forward to plugging InstaReM into our global ecosystem of Fintech and financial service companies.”
InstaReM’s global payment infrastructure platform is used by many small and midsized banks, payment processors, corporates and individuals to send money across the border. The fintech has the capability to now send payments to 50+ countries with a guaranteed destination amount on the same day.
Individuals and businesses can transfer money overseas to India, Vietnam, Malaysia, USA, UK, Germany, France, other European countries, and many countries across the globe.