Instarem, a Singapore-based fintech company that enables banks to transfer money overseas at a low cost, announced that it has raised $20 million in Series C funding in order to expand globally. Currently, Instarem supports over 50 markets primarily in Southeast Asia.
Instarem works with mid-size banks that are already trading in overseas currencies. This is different from a service like Transferwise, which uses a global network of banks to send money across the world. This is how Instarem is able to reduce the costs of overseas money transfers.
This round of funding is led by MDI Ventures (the venture capital arm of Indonesian telecommunications company Telkom) and Beacon (a fund tied to the Thai bank Kasikorn). Existing investors Vertex Ventures, GSR Ventures Rocket Internet, and the SBI-FMO Fund also participated in this round. With this funding round, it brings Instarem’s total funding to nearly $40 million since launching four years ago.
Instarem co-founder and CEO Prajit Nanu told TechCrunch that the plan is to expand the Series C to $45 million. The extra funding is expected to be closed by January. And Nanu said that the company is currently talking to large US funds as potential investors.
“We are a the stage where the color of the money is very important,” said Nanu in an interview via TechCrunch. “It is very key to us that we bring people into the round who can add value to our business.”
Instarem currently has offices in Singapore, Mumbai, and Lithuania. And Instarem is planning to open a location in Seattle.
Apparently, Instarem was approached for an acquisition earlier this year. However, Nanu told TechCrunch that the deal was not the right timing. Now Instarem is pursuing an initial public offering (IPO) in 2021.
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