Provider Insights

Geographical Focus:

Instarem is customer-facing brand of Nium. It operates as a digital cross-border payments platform, providing services globally. Originating in Singapore, the platform has extended its services across a variety of regions including Australia, Malaysia, Hong Kong, Indonesia, Japan, India, Europe, the United Kingdom, United States, and Canada. With a digital-only presence, it aims to streamline the process of international money transfers.

Licenses:

Nium Pte. Ltd. (Singapore): Licensed by the Monetary Authority of Singapore, License Number: RA No. 01454.
Instarem PTY Limited (Australia): Licensed by ASIC, License Number: 464627​1.
Instarem USA Corporation (United States): Operates under a program sponsored by Community Federal Savings Bank, to which Nium, Inc. is a service provider (NMLS ID No. 1528562)​
Nium Fintech Limited, Reference Number 901024, is regulated by the Financial Conduct Authority as an Authorised Electronic Money Institution (EMI) provider

Last Fundraising Round:

Instarem closed a US$ 41 million Series C funding round on March 19, 2019. This round was led by Singapore's Vertex Growth Fund and supported by Atinum Investment from South Korea. The funds were aimed to fuel Instarem's growth in new and existing markets, and to facilitate the launch of new products including a cards platform. The total funds secured by Instarem amounted to US$ 59.5 million post this round, positioning it among the top ten most funded fintech companies in Southeast Asia at the time. Although there were talks about a potential IPO in 2021, it was postponed.

Investors:

The Series C round saw Vertex Growth Fund leading the investment, marking their first foray into Southeast Asian investments, with significant support from Atinum Investment of South Korea.