Digital cross-border payments company InstaReM has bagged $52.4m (US$41m) in a series C funding round led by Singapore-based Vertex Growth Fund along with its new investor Atinum Investment, a venture capital firm from South Korea.
According to an announcement, this latest round takes InstaReM’s total funds secured to US$59.5m, making the Singapore startup one of the most funded fintech companies in Southeast Asia.
The digital transfer company is expected to launch an initial public offering (IPO) in 2021. The proceeds of the latest round of funding will be used to accelerate growth in existing and new markets, with InstaReM expected to receive licences in Japan and Indonesia later this year.
The firm also plans to open a regional headquarters in Latin America and strengthen its teams in London and Seattle ahead of launching a cards platform in multiple markets before 2019 closes.
All this comes after the fintech outfit secured card issuing abilities from the global payments giant Visa and embarked on a card program in Asia (to be delivered in a fraction of the typical 9-month development period), with plans to extend this capability through to Australia, Hong Kong and Malaysia by Q3 2019.