Digital cross-border payments firm using Series B funding for aggressive expansion
November 28, 2017
Kuala Lumpur, 28 November 2017 – InstaReM, a leading digital cross-border payments company, has announced its expansion into Malaysia at its launch press conference today at the V E Hotel, further solidifying its presence in Asia Pacific (APAC).
The press conference saw in attendance industry experts, Malaysian corporate representatives and regulators.
“InstaReM hopes to collaborate closely with consumers and financial institutions to offer the best product solutions to its customers in Malaysia and across the world. We want to drive the adoption rate of technological innovations across both businesses as well as individual consumers,” said Pratik Gandhi, Chief Business Officer of InstaReM.
Customers in Malaysia will now be able to enjoy cost-effective and efficient cross-border money transfers to over 60 countries across the globe. InstaReM will offer live mid-market FX rates and charge just 0.6% compared to 2 to 3% charged by banks and other Money Transfer Operators.
Headquartered in Singapore, InstaReM is one of the largest cross-border payments providers globally, with licenses in eight markets and covering 40 countries, reaching 3.2 billion people in developed and developing countries. It is consistently ranked by the World Bank as the lowest cost operator in a number of corridors in Asia.
The firm previously expanded its footprint into the European Union with the opening of an office in Lithuania in September 2017. InstaReM will also start its India operations in December 2017, following recent approval from the Reserve Bank of India (RBI).
Established in 2014, InstaReM is disrupting the process of expensive and inefficient remittances, providing live mid-market FX rates, low transaction cost and high speed of transactions. It currently employs more than 100 staff and has raised US$18 million from marquee investors Vertex Ventures, Fullerton Financial Holding, GSR Venture, Rocket Internet and SBI-FMO fund.
InstaReM is well-recognized in the fintech space for its innovative solutions. Just earlier this month, the company bagged two prestigious FinTech awards. It was a winner of the MAS FinTech Award at Singapore Fintech Festival, and it also won the Fintech Rising Star Award at the India FinTech Awards (IFTA) 2017.
InstaReM is a Singapore-headquartered cross-border payments company. Founded in 2014, InstaReM is licensed as a Money Services Business (MSB) in Singapore, Hong Kong, Australia, Canada, Lithuania, India and Malaysia. It powers local payments to more than 60 countries across the globe. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments.