Singapore-headquartered cross-border payments company Instarem has received $13 million in funding. The investment was led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund (a fund sponsored by SBI Group Japan in association with FMO, Netherland’s Development Bank), Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital.
Instarem expects to expand into markets in Europe and the United States by Q4 2017. The company says it will be implementing a payment system that will speed up Euro payment transfers from 24 hours to less than 10 seconds across 34 member countries.
[Image courtesy: Instarem]