Singapore based firm Instarem, a fintech startup that supports banks and customers transfer money overseas at lower cost, has secured a USD 41 million Series C financing round to go after global development possibilities.
The four-year-old company published the first close of USD 20 million last November, and it has presently multiplied that tally gratitude to an extra capital injection led by Vertex Ventures’ global growth capital and South Korea’ Atinum Investment. Crypto company Ripple, which has incorporated with Instarem for its xRapid product, also took part in the series, Instarem CEO Prajit Nanu verified to TechCrunch, although he refused to reveal the exact amount invested. Alongside, the series implies that Instarem has now raised USD 59.5 million from investors till date.
The company concentrates in transferring money between countries in Asia in a comparable way to TransferWise although, unlike TransferWise, its locus is on banks as consumers rather than purely purchasers. Today, it includes 50 countries, and it has facilities in Singapore, Lithuania, Mumbai, London, and Seattle.
Instarem said it intends to spend the capital on development into Latin America, where it will start a regional office, and multiply down on Asia by going after banking licenses in countries like Japan and Indonesia. The firm is also on the verge of adding prepaid debit card abilities, which will authorize it to issue cards to customers in 25 countries and more generally offer the alternative to its banking consumers. That is owing to a deal with Visa.
For the days to come, the company proceeds to focus on an exit via IPO in 2021. That has been a constant talking point for Nanu, who has been moderately outspoken on his urge to take the firm public.