Cross-border payments company Instarem has raised $41 million in Series-C round of funding led by Vertex Growth Fund. South Korea-based venture capital – Atinum Investment also participated in the round.
The proceeds of the latest round will be used to accelerate growth in existing and new markets and experiment with new products. Besides, the company is planning to receive licences from Visa and MasterCard in Japan and Indonesia later this year.
With the fresh round, Instarem is now sitting on a pile of $59.5 million risk capital. Co-founded by Indian entrepreneur Prajit Nanu, InstaReM has offices in 8 locations globally, with its largest office in Mumbai supporting the cross-border payments firm’s global operations.
With quick sign up and verification process, Instarem charges a minimal amount for transaction and customers gets the money in 1-2 business days.
As of now, Instarem allows local automated clearing house (ACH) or real-time payments in over 50 countries, to issue virtual or physical cards in 25 countries and collect payments for SMEs in 35 countries.
The company serves institutional and corporate clients with its international business payments platform providing bulk, customised, multi-currency payments facilities.
It is also planning to bring in an initial public offering (IPO) in 2021, as per the company’s press statement. Instarem also slated to open a regional headquarters in Latin America and strengthening its teams in London and Seattle.
The firm has secured card issuing licence from the global payments giant Visa and embarked on a card program in Asia with plans to extend this capability through to Australia, Hong Kong, and Malaysia by 2019.