Asia-based cross-border payments company InstaReM has held the first close of its $45m Series C round.
For the first close InstaReM has pulled in more than $20m and was led by investors including MDI Venture Capital and Beacon Venture Capital. Existing backers Vertex Ventures, GSR Ventures, Rocket Internet and SBI-FMO Fund also contributed to the round.
The payments company is hoping to close its Series A round on $45m in January 2019 and will be one the largest raised by a FinTech in South East Asia, the company claims.
Following the close of the $45m round, the company would have raised a total of $63m in equity and supports it as it aims to an IPO in 2021.
InstaReM is a payments and remittance company which lets users send money to countries across Asia, Europe, Oceania and North America. The company has a network of more than 8,000 banks and supports transfers to over 55 countries.
The company implements zero-margin exchange rates which are sourced through Reuters, with no added margins.
Through this capital injection, the company will look to further its growth in existing markets as well as making a move to new areas such as Japan and Indonesia – InstaReM is expecting to receive licences for these countries by the end of the year.
Alongside this, funds are also being used to launch a new consumer and enterprise product next year.
MDI Ventures CEO Nicko Widjaja said, “With Indonesia’s FinTech sector experiencing peak levels of growth, we believe that it is the ideal time for fintech companies, such as InstaReM, to focus on expansion throughout the country.
“As part of our thesis at MDI Ventures, we are keen to support InstaReM with their expansion in Indonesia and ASEAN through strategic partnership with various Telkom business units around the region.”
Last year, the company raised a $13m Series B which was led by GSR Ventures and supported by SBI-FMO, Vertex Ventures, Fullerton Financial and Global Founders Capital.
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