InstaReM

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InstaReM
Final-logo-1(1).png
Type of site
Private company
Founded2014
HeadquartersSingapore
Area servedAsia Pacific, Canada, Europe, US
Founder(s)Prajit Nanu, Michael Bermingham
CEOPrajit Nanu
Key peoplePrajit Nanu (Co-Founder, CEO)
Michael Bermingham (Co-Founder, COO)
IndustryFinancial Services
ServicesInternational Money Transfer
Employees100 (2017)
Websitehttps://www.instarem.com
Alexa rank119,367 [1]
LaunchedAugust 2015

InstaReM (short for Instant Remittance), founded by Prajit Nanu and Michael Bermingham, is a Singapore-headquartered Fintech company offering digital cross-border money transfers to individuals and businesses."[2]

History[edit]

Founders Nanu Prajit and Michael Bermingham developed a solution to provide a transparent service for overseas money transfer with close to live exchange rates.[2][3][4] InstaReM was incorporated in Singapore in August 2014"[5] based on the premise of online instant remittances, hence the name InstaReM.[4]

Investors and funding[edit]

Global Founders Capital, Germany-based Venture Capital arm of Rocket Internet Founders, invested US$500,000 as seed round of funding in InstaReM in January 2015 that helped the company develop its money transfer platform.[6][7]

InstaReM has raised US$18 million in two more rounds since.[8]

In March 2016, it received an investment of US$5 million in Series A from US-based Vertex Venture Holdings (venture capital arm of Temasek Holdings), Fullerton Financial Holdings and Global Founders Capital, to acquire licenses for money transfer business in other markets.[9]

This was followed by Series B round of US$13 million in July 2017, led by GSR ventures, with participation from SBI-FMO Ventures, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital. The company will use this investment to further build its global payment infrastructure by way of increasing its payment corridors from 150 to around 2000.[8][5]

Currently, InstaReM is focused mainly on Asia. Since starting operations in August 2015, InstaReM is serving 150 corridors with a staff of around 100 people globally.[2][7][10] In its first year of operations, InstaReM managed to gain 8% of remittance market share in the Australia to India corridor.

The company has also developed InstaReM MassPay, a product for managing bulk payments to multiple beneficiaries in multiple currencies. [11]

In September 2017, InstaReM received a regulatory approval from the Reserve Bank of India (RBI) for facilitating overseas remittances from India.[12]

See also[edit]

References[edit]

  1. ^ "Instarem.com Traffic, Demographics and Competitors". Alexa. Retrieved 15 September 2017.
  2. ^ a b c Money Transfer, InstaReM. "InstaReM: About Us". InstaReM. Retrieved 15 September 2017.
  3. ^ "Remitting Money Faster and Cheaper - Prajit Nanu". FinTechnopreneur. Retrieved 15 September 2017.
  4. ^ a b Tan, Allan. "Finding differentiation when it's all about sending money fast and cheap". FINTECH INNOVATION. Retrieved 15 September 2017.
  5. ^ a b Ainomugisha, Gerald. "How international money transfers ruined a buck's weekend and birthed a global startup". Australian Anthill. Retrieved 15 September 2017.
  6. ^ Singh, Arti. "Singapore fintech startup Instarem raises $13 mn to expand payment infra, Mumbai ops". VCCiRCLE. Retrieved 15 September 2017.
  7. ^ a b Editorial, Asia. "Fintech Asia: InstaReM". FINTECHASIA. Retrieved 15 September 2017.
  8. ^ a b Variyar, Mugdha. "Singapore payments startup InstaRem raises $13 million funding". ETtech. Retrieved 15 September 2017.
  9. ^ Balea, Judith. "Fintech startup Instarem raises $5m from investors led by Vertex Ventures". TechInAsia. Retrieved 15 September 2017.
  10. ^ Russel, Jon. "InstaRem raises $5M to make overseas money transfers cheaper and faster in Asia". Techcrunch. Retrieved 15 September 2017.
  11. ^ "InstaReM Gets RBI Nod to Offer Outbound Remittance Services From India". MediaInfoline.com. Retrieved 18 September 2017.
  12. ^ "InstaReM Gets RBI Nod to Offer Outbound Remittance Services From India". MediaInfoline.com. Retrieved 18 September 2017.