Fintech Company InstaReM Raises $13 Million From GSR Ventures, Others
The Singapore-based company will use investments to build global payment infrastructure.
- Singapore’s InstaReM raised $13-million investments.
- Investments to be used to build global payment infrastructure, boost employee-strength at Mumbai office .
Digital cross-border payments company InstaReM said on Tuesday it has raised investments worth $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.
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.Prajit Nanu, Co-Founder, InstaReM
The company said it has grown eight times in volume since its March 2016 funding. In total, InstaReM has now raised over $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 U.S., in addition to Australia, Singapore, Hong Kong and Canada, the statement said.