What is InstaRem? InstaRem Review

introduce

InstaRem currently holds payment licenses in Singapore, Australia, India, Europe, the United States, Hong Kong, Canada and Malaysia. The company claims to be able to cover 3.21 billion consumer and corporate customers in 55 countries around the world.

Rates

The fees range from 0.25% to 1%.

model

InstaRem can achieve low-cost and fast remittances because it relies on local medium-sized banks, which have their own currency exchange business. For example, when a bank wants to exchange $100 million for euros, it can take InstaRem's $500,000 with it, as medium-sized banks are more efficient in handling currency exchange.

Development History

In June 2018, InstaRem announced that it would cooperate with BeeTech, a payment service provider in Sao Paulo, Brazil, to provide digital cross-border remittance services to individuals and businesses in South America.

In December 2018, InstaReM announced a new feature that allows small and medium-sized business (SMB) users to make payments in multiple currencies at once.

In February 2019, INSTAREM tweeted that it had officially joined VISA's fintech fast track program, which aims to help VISA create next-generation payment solutions.

Awards

2017 Fintech Rising Star Award.

Outstanding Digital Cross-Border Remittance Service in 2017.

Singapore Fintech Awards 2017

2018 Blockchain Innovation Award.

Financing

In March 2016, InstaRem announced the completion of a US$5 million Series A financing round, led by Vertex Ventures, with participation from Fullerton Finacial Holdings (a subsidiary of Temasek), and original investor Global Founders Capital also following suit.

In July 2017, Instarem completed a $13 million financing round led by GSR Ventures and Silicon Valley Bank, with participation from Global Founders Capital, Fullerton Financial Holdings, Vertex Ventures and SBI-FMO Fund.

In November 2018, Singaporean cross-border payment company InstaReM completed a $20 million C1 round of financing, led by Indonesia's MDI Ventures and Thailand's Beacon Venture Capital. After this round of financing, InstaReM plans to enter Japan and Indonesia, and is expected to obtain licenses before the end of the year. InstaReM's expansion in Indonesia is supported by MDI Ventures, a venture capital company under Telkom Indonesia, an Indonesian state-owned telecommunications company.

In March 2019, payment startup InstaReM announced the completion of a US$41 million Series C financing round led by Vertex Growth Fund.