Cross-border payment startup InstaRem has raised $13 million in new financing as it looks to expand its business, which is rooted in Asia, into Europe and North America ahead of an eventual public listing as soon as 2020.
The Singapore-based startup said the raise was led by China’s GSR Ventures, an early investor in Didi among others, with participation from Japan/Netherlands SBI-FMO Emerging Asia Financial Sector Fund. Existing backers Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital also joined the round. Instarem previously closed a $5 million Series A in March 2016.
InstaRem operates a cross-border payment service that is targeted at business users, including banks and retailers, although it does operate a consumer service. By working with banks and using wholesale rates, the firm is able to get good cross-border rates for its retail customers, too, InstaRem CEO and co-founder Prajit Nanu told TechCrunch.
Right now, the company says it is processing 150,000 transfer each month, with an average size of $1,800 per transaction.
It initially started with Australia, and since expanded to support moving money out of Hong Kong, Canada and Singapore and into 50 countries worldwide. Now, with this funding, it is working to get necessary licenses to…