InstaReM launches in Europe, determined to bottom out the market on behalf of consumers
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InstaReM, one of Southeast Asia’s fastest growing fintech companies and the leading digital cross-border money transfer service provider in that market, has now launched in Europe.
InstaReM will replicate the demonstrably successful pricing strategy it used to dominate the Southeast Asian remittance market. The company anticipates that its leadership in the Southeast Asian market will give it an immediate speed and cost advantage over its European competition.
InstaReM’s “price champion” strategy and aim to bottom out the market on behalf of the consumer, has led to the World Bank consistently ranking the company as the most competitive remittance platform in a number of the most significant Asian corridors.
June 2018: InstaReM, Southeast Asia’s leading digital cross-border money transfer service provider, has now launched in Europe. InstaReM’s European market strategy is to bottom out the market and establish itself as “price champion”, just as it dramatically achieved in Southeast Asia following the company’s launch in 2014.
InstaReM anticipates that its dominance in the Southeast Asian market will give it an immediate speed and cost advantage over its European competition, for transfers to Asian markets from Europe. For three consecutive quarters the World Bank has ranked InstaReM as the most competitive remittance platform in a number of Asian corridors including, Australia to India, Malaysia, the Philippines and Vietnam as well as from Singapore to Bangladesh, India, Indonesia, Malaysia, Philippines, and Sri Lanka. The company expects to achieve the same accolade in a number the most valuable European corridors within a few months of launch.
InstaReM is able to transfer money to 3.2bn people across more than 60 countries, and enjoys a partner network of over 8000 banks across the world. InstaReM’s spectacular growth, global reach and commitment to offering the best value to customers, has been achieved in just over three years and has been accomplished on less than $20 million in capital. The company plans to attain profitability and subsequently IPO by 2021.InstaReM’s competitive advantage is driven by the fact InstaReM charges an average transaction fee of just 0.35 percent, instead of the usual fee plus marginal FX spread that its competitors charge.
Announcing the launch Prajit Nanu, Co-founder and CEO of InstaReM said:
“We want Europeans consumers to get what they want when they transfer money across borders: speed and the lowest possible rates. This is what we’ve delivered in Southeast Asia, and this is what we’ll bring to Europe by bottoming out the market on behalf of consumers. No one can compete with our presence in the markets that our customers want to transfer money to.”
Notes to editors:
InstaReM is a Singapore-headquartered cross-border payments company.
Founded in 2014, InstaReM is licensed as a Money Services Business (MSB) in Singapore, Hong Kong, Australia, USA, Europe, Canada, India and Malaysia.
InstaReM powers local payments to more than 60 countries and 3.2 billion people across the globe. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments.
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 Series B funding led by GSR Ventures, with par cipa on from SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital.
The inspiration for InstaReM all comes from a friend of one the co-founders. He needed to pay for a bachelor party in Phuket, Thailand. As he was based in India, he was unable to use his credit cards because they only accepted bank transfers, and ended up being forced to get someone to pay for him in Thai baht, who he then reimbursed in Indian rupees.
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To read more about InstaReM, please visit, https://www.instarem.com/en-gb/