Instarem raises $41 Million in a series C funding round led by Vertex Growth Fund and Atinum Investment.
The firm has a market valuation of $59.5Million risk capital.
Instarem assists the customer in transferring money in 1-2 days by paying minimal transaction charges.
Instarem a cross border payments company completed its series C funding round by raising $41 Million. The funding round was led by Vertex Growth Fund and Atinum Investment a South Korea-based venture capital also actively participated in the funding round.
The company is planning to use raised funds to expands its products portfolio and accelerate existing and new markets. The company is also stepping forward to take licenses from Visa and MasterCard in Japan and Indonesia later this year.
Instarem had its seed funding of $500,000 from Global founders capital a Germany Based venture capital arm of Rocket Internet. Later it received $5 Million from US-based vertex venture Holding, Global Founders Capital and Fullerton Financial Holdings in series A funding round. The company used raised the amount in acquiring licenses for money transfer business in other markets. Later on, in its Series B funding round company succeeded to gain $13 Million in July 2017.
This funding round was led by GSR ventures. Among the participants in this round were Fullerton Financial Holdings, SBI-FMO Ventures, Global Founders Capital and Vertex Ventures.
Instarem is founded in August 2014 by innovative minded entrepreneur Prajit Nanu and Michael Birmingham. The firm has a market valuation of $59.5 Million risk capital. Singapore headquartered firm has 8 offices spread globally with the largest office in Mumbai. Its Mumbai office patronizes firm in doing international transactions for its efficient operations globally. Instarem assists the customer in transferring money in 1-2 days by paying minimal transaction charges and quick sign up and verification process.
Recently Instarem permits real-time payments and automated clearing house (ACH) in more than 50 countries to issue physical or virtual cards in 25 counties and collect payments for SMEs in 35 countries. Its core business area is Canada, the US, Europe, and the Asia Pacific.
The firm assists the corporate and institutional client with the facility to do international business payments providing customized, bulk and multi-currency payment facilities.
According to the companies press statement, it is planning to bring its Initial public offering in 2021. Instarem is also going to initiate a regional headquarter in Latin America. Along with this, it is also focused on strengthening its team in Seattle and London.
The company has also secured card issuing license from global payment unicorn Visa and is planning to extend its capabilities in Malaysia, Hong Kong, and Australia by 2019.
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