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Ahead of making its plan to Initial public offering in 2021, Asia’s leading cross border digital payment company InstaRem on Tuesday announced that “It has secured additional $20 million (INR 130 crore) in series C round funding.
The new round funding was led its existing investor Vertex Growth Fund (VGF) in the participation of South Korea based Venture Capital investor, Atinum Investment as its new investors.
In November last year, InstaReM closed $20 million in its first round in series C round funding.
The new round funding of $20 million will bring InstaReM to $61 million ( approx INR 418 crore) funding in total.
The company in its statement said “The new round funding will to used in accelerating the growth of the company in new as well as in the existing market, and expected to receive a business license in Japan and Indonesia,” later this year,” the company added.
Talking on the latest round funding, Prajit Nanu, Co-founder, and CEO, IstaReM said that “Our mission at Instarem is to make money moving internationally in a faster and more convenient way through seamless digital payments, and raising the new round funding shows the investors continue interest in InstaReM.”
“The digital cross-border payment market is growing and disrupting the market at the unexpected rate, and for InstaReM to continue to expand and stand out we need to offer a customer experience like no other and for that our main focus is to move forward,” Nanu said.
Talking more on the investment in InstaReM, Aram Shin, VP, and Head of South Aisa for Atinum Investment said: “Without losing the focus from the core values, InstaReM has been able to expand and scale its operations globally.”
“While speaking with InstaReM customers and partners, we recognized the dedication of the founders that they had towards maximizing the value for their clients through tailored products customers services, and we are looking forward to working alongside InstaReM and keen to add to its success,” Shin added.
While James Lee, Managing Director, Vertex Growth Fund, said “There is still room for improvement in user experiences in cross-border payments despite the breakthroughs in technology. That’s why we decided to make InstaReM our first investment in Southeast Asia. What makes us confident about InstaReM is the sheer determination of its founders, backed by a solid team of professionals that work round-the-clock to provide a great product and experience to their consumer and enterprise customers.”
Adding to this he said, ” We have been witness to InstaReM’s phenomenal growth in the last four years and are keen to support them with their expansion in the North American, Europe, Latin American and ASEAN regions through strategic investment and advice.”