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)