InstaReM Pte Limited
Fintech startup that helps banks and consumers send money overseas at lower cost.
InstaReM is a Singapore-headquartered cross-border payments company, with presence across Asia-Pacific, North America and Europe. Starting its operations in Australia in 2015, today, InstaReM has presence across 40 countries/regions including Australia, Singapore, Hong Kong, United States, Canada, Malaysia, India and Europe. InstaReM powers local payments to more than 55 countries and 3.21 billion people across the globe. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments. InstaReM serves larger institutional and corporate clients with its MassPay product — an international business payments platform with bulk and customized payments facility, multi-currency payments and accounts and a host of other time and cost-efficient payment features. In March 2016, InstaReM successfully raised a US$5 million Series A round led by Vertex Ventures, with participation from Fullerton Financial Holdings and Global Founders Capital. In July 2017, InstaReM received another US$13 million investment Series B funding led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital. In 2018, InstaReM partnered with Ripple, the leading enterprise blockchain network in a move that unlocked its global reach. The inspiration for InstaReM came from a personal experience of one of its co-founders. Prajit Nanu needed to pay for a resort in Phuket, Thailand. As he was based out of India, he was unable to use his credit cards because the resort only accepted bank transfers. He ended up asking an Indian friend based in Thailand to do a local THB bank transfer. Prajit transferred an equivalent INR amount locally to the friend’s Indian bank account, thus saving on huge transaction fees and currency conversion loss.