InstaReM

remittancesmobile/online remittanceconsumerbusiness

FOUNDING YEAR: 2014
LOCATION: Singapore
Last Update: 01/05/2020

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About

InstaReM is a Singapore headquartered company that provides cross border money transfer services for Individuals and businesses, from Hong Kong, Australia and Singapore to more than 25 countries.

MEDICI Analysis

InstaReM is a Singapore headquartered company that provides cross border money transfer services that enables both individuals and businesses to remit money to more than 55 countries. The company has received multiple awards in the last few years. In 2017, the company got a Singapore FinTech Award, India FinTech Award, and ET Net FinTech Award. In 2018, the company got Blockchain Innovator Award from Ripple.

Focus

PRODUCTS & SERVICES

The company offers remittances/international money transfer services for both Individuals and Corporates via web and mobile channels. For SME's, it offers API based business payments service that provides current account along with features like multi-currency payments, bulk payments and payment facilitation for freelancers, overseas, vendors, suppliers, and employees. It also offers a white-labeled card service that enables the businesses to create, distribute and manage cards.

REVENUE MODEL

The company earns revenue by charging a small transaction fee.

MAIN CLIENTS

Expatriates

migrants

SME's and corporate clients.

EXISTING PARTNERSHIPS

Mid-sized banks: Instarem partners with mid-sized banks to reduce the transaction fee and achieve the transaction volume

PRIMARY PROBLEM SOLVED

With InstaReM - Instant Remittance - People & Businesses can Make international payments at a fraction of fee that banks charge(1-2% vs 8-12%), faster bypassing SWIFT (1 day vs 3-4 days), in a transparent way (no hidden charges) using completely Digital platform (no need to visit a branch or lot of paper work) and to almost anywhere in the world (wide & global coverage).

COMMENT

The company secured card issuing abilities from the global payments giant Visa and plans on extending the service in Asia in the next nine months, followed by Australia, Hong Kong and Malaysia by Q3 2019. It also applied banking licence at MAS and waiting for final approval.

Traction

REVENUE

$500k - $999k in 2016

NUMBER OF TRANSACTIONS:

400 K in 2016

TRANSACTIONS VALUE:

70 M in 2016

TRANSACTIONS COMMENT:

In Q1, 2017, The company remitted payments worth of $70 Mn. It plans to remit almost 1 Billion in payment volume by this year-end.

ACTIVE USERS:

0.1 Million in 2016

ACTIVE USERS COMMENT:

It opened over 100,000 unique accounts to which payments are made by both Individuals and Corporates. Also, It remitted over 400,000 payments showing a repeat customer base.

TRACTION COMMENT:

InstaReM became the first foreign digital money transfer service provider in Malaysia to get the Bank Negara Malaysia’s approval to onboard customers with the electronic KYC (e-KYC) process, which is expected to accelerate the company’s growth in the country.

People

FOUNDERS

Prajit Nanu (CEO)

Michael Bermingham (COO)

BOARD MEMBERS AND ADVISORS

Prajit Nanu

Michael Bermingham

NUMBER OF EMPLOYEES

201-500

INVESTORS:

Atinum Investment

Beacon Venture Capital

Fullerton Financial Holdings

Global Founders Capital

GSR Ventures

MDI Ventures

SBI-FMO Fund

Silicon Valley Bank

Vertex Growth Fund

Vertex Ventures

Momentum

FUNDED

YES

TOTAL FUNDING

$59 M

DATE OF LAST FUNDING

Mar 2019

TOTAL FUNDING COMMENT

The company will use the latest funds to accelerate growth in existing and new markets, also expected to receive licenses in Japan and Indonesia by the next year.

FUNDING SERIES

SERIES A  · $5 M  · Mar 2016

SERIES B  · $13 M  · Jul 2017

SERIES C  · $41 M  · Mar 2019

LISTED

NO

EXIT STRATEGY

The company is planning to go public in 2021.

BASICS

FOUNDING YEAR:

2014

LOCATION:

Singapore

Views:

460 VISITORS | 866 VIEWS
LATEST FUNDING ROUND

$59 M

TOTAL EMPLOYEES
201-500

About

InstaReM is a Singapore headquartered company that provides cross border money transfer services for Individuals and businesses, from Hong Kong, Australia and Singapore to more than 25 countries.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

InstaReM is a Singapore headquartered company that provides cross border money transfer services that enables both individuals and businesses to remit money to more than 55 countries. The company has received multiple awards in the last few years. In 2017, the company got a Singapore FinTech Award, India FinTech Award, and ET Net FinTech Award. In 2018, the company got Blockchain Innovator Award from Ripple.

Focus+
Momentum+
Traction+
People+
Other+

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InstaReM

About

InstaReM is a Singapore headquartered company that provides cross border money transfer services for Individuals and businesses, from Hong Kong, Australia and Singapore to more than 25 countries.

Focus

PRODUCTS & SERVICES

Founded in 2014, InstaReM (short for Instant Remittance) is a Singapore-headquartered Fintech company that provides fast, secure and cost-effective digital cross-border money transfer services for individuals and businesses. InstaReM is currently licensed in Singapore, Australia, Hong Kong, Canada, Malaysia, India, European Union and United States. With InstaReM, businesses and individuals in these markets are able to remit money to 3.21 billion people in over 55+ countries worldwide.

REVENUE MODEL

The company earns revenue by charging a small transaction fee.

TOP PROBLEM SOLVED

With InstaReM - Instant Remittance - People & Businesses can Make international payments at a fraction of fee that banks charge(1-2% vs 8-12%), faster, bypassing SWIFT (1 day vs 3-4 days), in a transparent way (no hidden charges) using completely Digital platform (no need to visit a branch or lot of paperwork) and to almost anywhere in the world (wide & global coverage).

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

We are offering our own Tech platform to corporates, FIs, banks to make B2B payments.

KEY DIFFERENTIATORS

Management & Leadership team Tech Platform

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Small and Medium Business - Online Retail

Consumer

PRODUCT ATTRIBUTES

White label

Other

People

FOUNDERS

Prajit Nanu (CEO)

Michael Bermingham (COO)

NUMBER OF EMPLOYEES

51-200

KEY EMPLOYEES:

CEO: Prajit Nanu

CTO: Nilesh Pathak

CMO: Pratik Shah

COO: Michael Bermingham

CRO: Pratik Gandhi

FOUNDER: Prajit Nanu (CEO)

FOUNDER: Michael Bermingham (COO)

BOARD MEMBERS AND ADVISORS:

Prajit Nanu, Michael Bermingham

INVESTORS:

Atinum Investment

Beacon Venture Capital

Fullerton Financial Holdings

Global Founders Capital

GSR Ventures

MDI Ventures

SBI-FMO Fund

Silicon Valley Bank

Vertex Growth Fund

Vertex Ventures

Momentum

FUNDED

YES

TOTAL FUNDING:

$18 M

LISTED

NO

FUNDING SERIES
Series A Jul 2017 --- USD18 M Comment on Series A In January 2015, InstaReM raised an initial US$500,000 in seed capital from Rocket Internet. 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 of 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.

Comment on Valuation

NA Rocket Internet Global Founders Capital Vertex Ventures Fullerton Financial Holdings SBI-FMO Emerging Asia Financial Sector Fund GSR Ventures