Digital cross-border payments firm InstaRem has raised US$20 million from the first close of its series C funding. The round was led by new investors MDI Venture Capital and Beacon Venture Capital. Current investors including Vertex Ventures, GSR Ventures, Rocket Internet, and SBI-FMO Fund also participated.
The raised capital will be used to accelerate growth in InstaRem’s existing markets and to facilitate its entry into new markets, such as Japan and Indonesia. The Singapore-based company is expected to obtain licenses in the two countries by end-2018.
InstaRem hopes to raise US$45 million from this series C, which is expected to close by January 2019. This latest injection brings the firm’s total funding to over US$63 million, ahead of its expected IPO in 2021.
Editing by Eileen C. Ang
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