InstaReM announced the news on Thursday (May 23). The company was founded in 2014 in Singapore and it has licenses and offices in Australia, Malaysia, Hong Kong, India, Canada, the EU and the United States.
The money transfer company already powers payments for three major banks in Southeast Asia, as well as leading financial institutions around the world. The new partnership will help with InstaReM’s mission to become a leading company in the institutional payments arena.
Prajit Nanu, co-founder and CEO of InstaReM, said the partnership is good for both companies.
“We are delighted to be working together with KBank to power their outward remittances. This relationship further cements InstaReM’s position as a leading provider for cross-border transactions. With InstaReM, KBank clients will be able to realize faster turnarounds, while providing certainty on delivery times and payout amounts,” Nanu said.
Silawat Santivisat, senior executive vice president of Kasikornbank, said the bank is evolving and the partnership comes at a good time.
“This is an important partnership for KBank at an exciting stage in our evolution. We are continuing to expand our cross-border payment capabilities into key markets across the world, as we are witnessing increasing demand from our customers,” Santivisat said. “We are confident that InstaReM’s services will complement our offering and further strengthen our capabilities in serving our clients.”
In March, InstaReM raised $41 million in venture funding.
According to a report in TechCrunch, the startup founded four years ago raised the money in a Series C round of funding. In November it raised $20 million in capital from investors. The most recent round was led by Vertex Ventures’ global growth fund and Antinum Investment in South Korea.
To date, the startup has raised $59.5 million, according to the report.