Cross boarder payments provider InstaReM has scored a $13m Series B led by GSR Ventures.
The Singapore-based company also saw commitments from firms including SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital.
InstaReM is a cross-border payment system that offers local payments across 50 countries and is used by financial institutions, SMEs and individuals for low-cost cross-border payments.
With this capital, the company will continue with developing its global payment platform, creating new products and licensing in new markets.
By the end of the year InstaReM plans to expand across all markets in Europe and the US. The company also hopes to launch its new payment system to speed up Euro transfers from 24 hours to less than 10 seconds across 34 countries.
InstaReM Prajit Nanu founders and CEO said, “We aim to achieve a level playing field for cross-border payments for all ecosystem operators. So, regardless of whether our client is a bank, a telecommunications company, a mobile portfolio or a money transfer operator, by accessing our payment platform, they can send payments to more than 50 markets with total transparency on the cost and destination of the amount, allowing them to compete at the global level. ”
Over the past 18 months the firm has raised $18m, with the firm picking up $5m in its Series A led by Vertex Ventures last year.
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