Instarem raises $20 mn in Series-C funding


MUMBAI, Mar 19: Singapore-headquartered

cross-border payments company, Instarem Tuesday said it has

raised USD 20 million (Rs 137 crore) through Series-C round of

funding led by Vertex Growth Fund (VGF).

Besides VGF, South Korea-based venture capital

investor Atinum Investment also participated in the current

round of funding, a company release said.

“The latest round of funding reflects investors

continuing confidence in our business and value proposition,”

the company’s co-founder and CEO, Prajit Nanu said.

The proceeds of the latest round of funding will be

used to accelerate growth in existing and new markets, with

the company hoping to receive licences in Japan and Indonesia

later this year, Nanu said.

With this current round of funding, the company has

so far raised USD 61 million (Rs 418 crore).

It is also planning to bring in an initial public

offering (IPO) in 2021, the release said.

The company serves institutional and corporate clients

with its international business payments platform providing

bulk, customised, multi-currency payments facilities. (PTI)