Digital cross-border payments company InstaReM today said it has raised investments worth USD 13 million from GSR ventures, SBI-FMO ventures, Vertex Ventures, Fullerton Financial Holdings (FFH) and Global Founders Capital (GFC). The Singapore-headquartered company, co-founded by Mumbai-bred Prajit Nanu, will use the investments to build its global payment infrastructure, it said in a statement here.
The investments will also be used to boost the employee-strength of its office in Mumbai where most of the company’s teams are based, it said. “The fund-raise 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.
The company claims it has grown eight times in volume since its March 2016 funding. In total, InstaReM has now raised over USD 18 million. The fintech has the capability to now send payments to over 50 countries with a guaranteed destination amount on the same day. By start of the October-December quarter of 2017, InstaReM will be available across all markets in Europe and the US, in addition to Australia, Singapore, Hong Kong and Canada, the company said.