Money transfer start-up InstaReM raises $13 million in funding from GSR Ventures, others

Key highlights:

• InstaReM raised a $13 million round of investment led by GSR Ventures
• SBI-FMO Ventures, Vertex Ventures, Fullerton Financial Holdings (FFH), and Global Founders Capital (GFC) also funded the start-up
• In total InstaReM has now raised over $18 million

Digital cross-border payments start-up InstaReM raised a $13 million round of investment led by GSR Ventures, with participation from SBI-FMO Ventures, Vertex Ventures, Fullerton Financial Holdings (FFH), and Global Founders Capital (GFC).

In total InstaReM has now raised over $18 million.

InstaReM’s global payment infrastructure platform is now becoming the platform of choice for many small and midsized banks, payment processors, corporates and individuals to send money across the border at a fraction of the cost compared to other operators.

Mumbai-bred Prajit Nanu is a co-founder at InstaReM. An erstwhile global sales director of TMF Group and Vice President - sales and account management at WNS, he partnered with Michael Bermingham to set up InstaReM in 2014.

InstaReM will use this investment to building out its global payment infrastructure, which has grown 8x in volumes since its March 2016 funding.

The investment will also be used to boost the employee strength of its office in Mumbai where most of the company’s teams are based.

Jefferson Chen, Partner at GSR Ventures, said, “The global payments infrastructure InstaReM is building is unique in this industry and GSR Ventures is excited to join this journey.”

Prajit Nanu, co-founder of InstaReM says, “This fundraising is significant on multiple counts. GSR has a strong network in China and the US whereas SBI-FMO has a strong base in Japan and emerging markets. Jefferson Chen from GSR Ventures now joins the InstaRem board."