Singapore’s Fintech Startup, InstaReM, Raises $10 Million to Expand Cross-Border Payments
Singapore-based fintech startup, InstaReM, has secured $10 million in funding to accelerate its expansion in the cross-border payments space. The fresh funding round, led by new investor, SBI Holdings, a Japanese financial giant, will enable InstaReM to further develop its technology, expand its presence in new markets, and strengthen its position as a leading player in the global cross-border payments landscape.
Founded in 2014, InstaReM is a digital payments platform that allows individuals and businesses to send and receive payments globally, with a focus on emerging markets. The company has already established a strong presence in over 50 countries, with a network of over 100,000 business partners, including banks, money services businesses, and e-wallets.
The latest funding round brings the total amount raised by InstaReM to over $20 million. The company’s previous funding rounds were led by investors such as GSR Ventures and Valuactives. With the fresh capital, InstaReM plans to expand its team, develop its technology, and enter new markets in Asia, Europe, and the Americas.
“This funding will enable us to accelerate our growth plans, expand our reach, and further improve our technology to cater to the growing demand for cross-border payments,” said Prajit Azad, CEO of InstaReM. “We are excited to partner with SBI Holdings, a renowned player in the financial services industry, and leverage their expertise to take our business to the next level.”
The cross-border payments market is witnessing rapid growth, driven by increasing globalization, urbanization, and the rise of e-commerce. According to a report by ResearchAndMarkets.com, the global cross-border payment market is expected to reach $1.4 trillion by 2025, growing at a CAGR of 12.5% from 2020 to 2025.
InstaReM’s platform offers a range of features, including real-time payment tracking, competitive exchange rates, and low fees. The company’s payment solutions cater to various industries, including e-commerce, travel, and remittances. With its technology and expertise, InstaReM aims to make cross-border payments faster, cheaper, and more convenient for individuals and businesses.
The company’s expansion plans include entering new markets, deepening its presence in existing markets, and developing new products and services. InstaReM also plans to leverage its partnership with SBI Holdings to explore opportunities in the Japanese market and other regions.
As part of the funding, Takashi Tsubokihara, the President and CEO of SBI Holdings, will join InstaReM’s board of directors, providing strategic guidance and support to the company.
“We are impressed by InstaReM’s innovative approach to cross-border payments and its strong growth potential,” said Tsubokihara. “We believe that our partnership will bring significant value to InstaReM’s customers and further accelerate its growth.”
Conclusion
InstaReM’s $10 million funding round is a significant milestone in the company’s journey to become a leading player in the cross-border payments space. With its robust technology, competitive exchange rates, and low fees, InstaReM is well-positioned to capitalize on the growing demand for cross-border payments. The company’s expansion plans, including entry into new markets and development of new products and services, will further strengthen its position in the industry.
FAQs
- What is InstaReM? InstaReM is a digital payments platform that allows individuals and businesses to send and receive payments globally, with a focus on emerging markets.
- Who led the funding round? The funding round was led by SBI Holdings, a Japanese financial giant, with participation from existing investors.
- How much funding has InstaReM raised so far? InstaReM has raised over $20 million in funding, including the latest $10 million round.
- What are InstaReM’s plans for the funding? InstaReM plans to use the funding to expand its team, develop its technology, and enter new markets in Asia, Europe, and the Americas.
- What is the target date for InstaReM’s expansion plans? InstaReM aims to expand its presence in new markets and develop new products and services over the next few years.
