A Singapore-headquartered cross-border payments company has exploded on the payments scene. InstaReM has received a $13 million investment led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital. To date, InstaReM has raised over US$18 million in the last 18 months.
InstaReM will use the investment to build its global payment infrastructure, which has grown eight times in volume since its March 2016 funding. The funds will also be used to develop new products and licensing activities in new markets.
InstaReM says with GSR Venture’s strong network in China and the US, coupled with SBI-FMO Fund’s strong base in Japan and other emerging markets, they believe they have found the best partners for this phase of its journey.
The Company’s aim is to make cross-border payments a level playing field for all operators in the eco-system. So, regardless if the client is a bank, telco, mobile wallet or a money transfer operator (MTO) – by accessing its payment infrastructure, they are able to send payments to over 50 markets with full transparency on cost and destination amount, enabling them to compete with global players.
InstaReM caters to both business and individual money transfers and has been listed by World Bank as the most cost efficient across several corridors.
By the end of the year, InstaReM will expand into all markets in Europe and the United States.
Along with the expansion into Europe, the company will be implementing a new payment system to significantly speed up Euro payment transfers from 24 hours to less than 10 seconds across 34 member countries.
Founded in 2014, InstaReM is licensed as a Money Services Business (MSB) in Singapore, Hong Kong, Australia and Canada. It powers local payments to more than 50 countries across the globe. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments.
