DIGITAL payments company InstaReM has closed a Series C funding round at US$41 million in Singapore. The final close of US$20 million was led by Singapore-based Vertex Growth Fund and supported by new investor, Atinum Investment from South Korea.
The overall Series C round was completed in two phases, with the first US$21 million closed in late November last year, led by new investors MDI Ventures, the venture capital (VC) arm of Indonesia’s Telkom, and Beacon Venture Capital, the VC arm of Thailand’s Kasikornbank. The first phase was also supported by existing investors Vertex Ventures, GSR Ventures Rocket Internet and SBI-FMO Fund.
The close of the Series C funding round brings InstaReM's total secured funds to US$59.5 million, with the fintech expecting to launch an initial public offering in 2021.
Proceeds of the latest funding will go the growth of existing and new markets as the company looks to receive licences to operate in Indonesia and Japan this year. The company is also looking to open a regional headquarters in Latin America, strengthen its teams in London and Seattle and launch a cards platform in multiple markets before year end.
Prajit Nanu, co-founder and CEO of InstaReM said that for the company to continue expanding and stand out, it needs to offer a customer experience like no other, its main focus moving forward.
The InstaReM investment marks Vertex Growth Fund’s first investment in South-east Asia and will see its managing director James Lee joining InstaReM’s board.
Mr Lee added: “We have been witness to InstaReM’s phenomenal growth in the last four years and are keen to support them with their expansion in the North American, Europe, Latin American and ASEAN regions through strategic investment and advice.”