Singapore-based FinTech startup InstaReM, which enables banks and consumers to send money across borders, announced a partnership with First Data to assist businesses that issue corporate credit cards. The partnership will combine InstaReM’s digital payments and remittance solution with First Data’s debit processing solution for businesses like corporates and FinTech firms that need to issue cards to employees, vendors or consumers.
“Our partnership aims to address an ever-increasing problem for businesses that operate globally, which is how to pay overseas suppliers, service providers and employees in a cost-effective and secure way, whilst enabling the recipient to conveniently access the funds in their local currency — instantly,” said Prajit Nanu, co-founder and CEO of InstaReM, in a press release.
By using First Data’s global technology platform, InstaReM can issue cards for a number of use cases, such as travel and expense programs with set limitations, vendor or supplier payments, payroll for employees and more. The solution will be launched in Singapore in the next few months, with plans to roll out in Europe and Australia by the end of the year before expanding globally.
“With First Data’s First Vision API-enabled technology solution and InstaReM’s ability to issue cards, together, we can rapidly bring to market a cost-effective, secure and convenient solution to support multi-currency debit wallets for corporates and consumers,” said Ivo Distelbrink, First Data EVP and head of Asia-Pacific.
InstaReM also recently joined Visa’s FinTech fast-track program, with the two working together on new solutions for moving money to and from different countries in fast, convenient ways.
Earlier this week, InstaReM revealed it had raised $41 million in venture funding. In November, it raised $20 million in capital from investors. The most recent round was led by Vertex Ventures’ global growth fund and Atinum Investment in South Korea. Ripple participated as well, and has partnered with InstaReM to enable the startup to send payments around the world. InstaReM is also using Ripple’s xRapid product to help banks and consumers. To date, InstaReM has raised $59.5 million.