Cross-border money transfer startup Instarem has announced the close of its US$41 million series C funding round led by Vertex Growth Fund. New investor Atinum Investment from South Korea joined in.
The round takes the Singapore-based startup to US$59.5 million raised to date, making it one of the top-funded fintech startups in Southeast Asia.
The proceeds of the latest round will help the firm grow in new and existing markets as it sets its sights on an IPO in 2021.
Photo credit: Pexels
Four-year-old Instarem has developed a payments mesh that helps financial institutions, small and medium-sized enterprises, and individuals send money across the world cheaply. It claims to charge lower fees than banks and traditional money remittance services like Western Union or MoneyGram.
It also built a global payment platform providing bulk, multi-currency payment facilities to corporates.
The company expects to receive licenses in Japan and Indonesia this year. It will open a regional headquarters in Latin America and grow its London and Seattle teams. The US expansion comes after the fintech player secured card issuing abilities from global payment giant Visa.
Editing by Charmaine de Lazo
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