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词条 InstaReM
释义

  1. History

  2. Investors and funding

  3. See also

  4. References

{{coi|date=February 2018}}{{Infobox dot-com company
|name = InstaReM
|logo = Final-logo-1(1).png
|logo size = 204px
|logo alt =
|collapsible =
|screenshot =
|screenshot size =
|screenshot alt =
|caption =
|type = Private company
|traded as =
|founded = 2014
|dissolved =
|predecessor =
|successor =
|location = Singapore
|country =
|country of origin =
|locations =
|area served = Asia Pacific, Canada, Europe, US
|founder = Prajit Nanu, Michael Bermingham
|chairman =
|chairperson =
|president =
|CEO =Prajit Nanu
|MD =
|GM =
|key people = Prajit Nanu (Co-Founder, CEO)
Michael Bermingham (Co-Founder, COO)
|industry = Financial Services
|products =
|services = International Money Transfer
|revenue =
|operating income =
|international = Yes
|net income =
|assets =
|equity =
|owner =
|employees = 200 (2019)
|parent =
|divisions =
|subsidiaries =
|slogan =
|url = https://www.instarem.com
|programming language =
|ipv6 =
|alexa = 119,367 [1]
|website type =
|advertising =
|registration =
|users =
|language =
|launched = August 2015
|current status =
|native clients =
|footnotes =
}}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

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

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]

In March 2018 Instarem had a Series C of funding, where they've secured $41 million for global extension opportunities.[13]

See also

  • Financial technology
  • Remittances
  • Money services business
  • Foreign exchange market

References

1. ^{{cite web|url=https://www.alexa.com/siteinfo/instarem.com|title=Instarem.com Traffic, Demographics and Competitors|website=Alexa|accessdate=15 September 2017}}
2. ^{{cite web|url=https://www.instarem.com/about-us|title=InstaReM: About Us|last=Money Transfer|first=InstaReM|date=|website=|publisher=InstaReM|accessdate=15 September 2017}}
3. ^{{cite web|url=http://fintechnopreneur.com/remitting-money-faster-and-cheaper-prajit-nanu/|title=Remitting Money Faster and Cheaper - Prajit Nanu|website=FinTechnopreneur|accessdate=15 September 2017}}
4. ^{{cite web|url=https://www.enterpriseinnovation.net/article/finding-differentiation-when-its-all-about-sending-money-fast-and-cheap-617884729|title=Finding differentiation when it’s all about sending money fast and cheap|last=Tan|first=Allan|date=|website=|publisher=FINTECH INNOVATION|accessdate=15 September 2017}}
5. ^{{cite web|url=http://anthillonline.com/how-international-money-transfers-ruined-a-bucks-weekend-and-sparked-a-global-startup/|title=How international money transfers ruined a buck’s weekend and birthed a global startup|last=Ainomugisha|first=Gerald|date=|website=|publisher=Australian Anthill|accessdate=15 September 2017}}
6. ^{{cite web|url=https://www.vccircle.com/singapore-fintech-startup-instarem-raises-13-mn-to-expand-payment-infrastructure-mumbai-ops/|title=Singapore fintech startup Instarem raises $13 mn to expand payment infra, Mumbai ops|last=Singh|first=Arti|date=|website=|publisher=VCCiRCLE|accessdate=15 September 2017}}
7. ^{{cite web|url=http://www.fintechasia.net/fintech-asia-instarem/|title=Fintech Asia: InstaReM|last=Editorial|first=Asia|date=|website=|publisher=FINTECHASIA|accessdate=15 September 2017}}
8. ^{{cite web|url=http://tech.economictimes.indiatimes.com/news/startups/singapore-startup-instarem-with-indian-cofounder-raises-13-million/59439850|title=Singapore payments startup InstaRem raises $13 million funding|last=Variyar|first=Mugdha|date=|website=|publisher=ETtech|accessdate=15 September 2017}}
9. ^{{cite web|url=https://www.techinasia.com/instarem-raises-5m-from-investors-led-by-vertex-ventures|title=Fintech startup Instarem raises $5m from investors led by Vertex Ventures|last=Balea|first=Judith|date=|website=|publisher=TechInAsia|accessdate=15 September 2017}}
10. ^{{cite web|url=https://techcrunch.com/2016/03/15/instarem-raises-5m-to-make-overseas-money-transfers-cheaper-and-faster-in-asia/|title=InstaRem raises $5M to make overseas money transfers cheaper and faster in Asia|last=Russel|first=Jon|date=|website=|publisher=Techcrunch|accessdate=15 September 2017}}
11. ^{{cite web|url=http://mediainfoline.com/brand/instarem-gets-rbi-approval-offer-outbound-remittance-services-india|title=InstaReM Gets RBI Nod to Offer Outbound Remittance Services From India|last=|first=|date=|website=|publisher=MediaInfoline.com|accessdate=18 September 2017}}
12. ^{{cite web|url=http://mediainfoline.com/brand/instarem-gets-rbi-approval-offer-outbound-remittance-services-india|title=InstaReM Gets RBI Nod to Offer Outbound Remittance Services From India|last=|first=|date=|website=|publisher=MediaInfoline.com|accessdate=18 September 2017}}
13. ^{{Cite web|url=http://social.techcrunch.com/2019/03/19/instarem-closes-41m/|title=Singapore fintech startup Instarem closes $41M Series C for global growth|website=TechCrunch|language=en-US|access-date=2019-03-19}}

4 : 2014 establishments in Singapore|Companies based in Singapore|Financial technology|Foreign exchange market

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