Qishin Tariq · · 1 min readMalaysia fintech firm banks $4.75m in ACA Investments-led round
Payment solutions firm Instapay Technologies has raised US$4.75 million in a series A funding round led by ACA Investments.
Instapay co-founder and CEO Rajnish Kumar. / Photo credit: Instapay Technologies
Spiral Ventures returned as an investor in the round. Singapore-based corporate finance advisory firm TOP2 advised Instapay on the fundraise.
Launched in Malaysia in 2020, Instapay provides payment solutions in the form of an e-wallet and linked prepaid Mastercard. It also has a payroll solution that enables companies to digitally pay employees their salaries via the Instapay e-wallet.
The e-wallet provides migrant workers access to digital cross–border remittances, bill payments, and mobile top-ups, while Mastercard offers cashless payments.
Rajnish Kumar, Instapay’s co-founder and CEO, said the new capital will go toward enhancing the firm’s tech platforms and introducing new product features. The company will also look to expand to new markets in Southeast Asia and the Middle East.
Hajime Adachi, associate partner at ACA Investments, said digital financial inclusion could grow exponentially over the next decade as firms adopt digital salary payments to be transparent and compliant with local regulations.
See Also: Series SEA: Who’s investing in the region’s fintech startups?
Editing by Miguel Cordon and Arpit Nayak
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