Payments firm Instarem raises USD 20 mn in funding round

Singapore-headquartered cross-border payments company, Instarem, Thursday announced first close of its Series C funding round of over USD 20 million (Rs 143.15 crore), led by new investors MDI Ventures and Beacon Venture Capital.

Other existing investors who participated were Vertex Ventures, GSR Ventures Rocket Internet and SBI-FMO Fund, the company said in a release.

The company is raising USD 45 million (Rs 322 crore), in the Series C funding round, which is expected to close by January 2019.

"This new round of funding will enable us to accelerate growth by launching new products," the company's co-founder and CEO, Prajit Nanu, said.

The current round of funding will enable the company to enter new markets in Japan and Indonesia, where it is expected to receive licenses by the end of this year.

"We are keen to support the company with their expansion in Indonesia and Asean through strategic partnership with various business units around the region," MDI Ventures

CEO, Nicko Widjaja, said.

The company serves larger institutional and corporate clients with its MassPay product an international business payments platform with bulk and customised payments facility,

multi-currency payments and accounts.