InstaReM (IE instant remittance), a Singapore-headquartered fintech start-up that convenient, fast and cost-effective cross-border money transfers to individuals and businesses, announced on Monday it has received regulatory approval from the Reserve Bank of India (RBI) for facilitating overseas remittances from India.
InstaReM stated its plans to start its outbound money transfer services from India by November 2017 in partnership with a leading AD-I (Authorized Dealer – Category I) bank, per RBI’s governing conditions for the partnership. With RBI’s approval in place, the company will be able to affect outbound remittances from India for transactions pertaining to business / private visits, overseas education, medical treatment etc. Speaking about the receipt of RBI approval, Prajit Nanu, CEO and co-founder of InstaReM, shared:
“An increasing number of Indians are now getting engaged with overseas counterparts for business, leisure, medical, education, entertainment-related activities, which involve transfer of money to foreign countries. Traditional ways of transferring money overseas are expensive due to high transfer charges along with hidden fees which are not known to the customers. With its automated platform and deep relationships with banks, InstaReM is able to offer transparent international money transfers – at a fraction of costs compared to the traditional players. With InstaReM’s superior platform and exceptional customer service, we are confident of capturing a substantial market for outbound money transfer from India.”
InstaReM now holds licenses to conduct money transfer business in Singapore, Hong Kong, U.S., Europe, Australia and Canada. The company has offices in Singapore, Australia, Hong Kong, a 100-people operations office in Mumbai and a technology center in Lithuania, and is well on its way to expanding into all markets in Europe and the U.S. by Q4 2017.
Since starting operations in August 2015, the company has raised $18 million in two rounds of funding. Its investors include Global Founders Capital, Vertex Ventures (VC arm of Temasek Holdings), Fullerton Financial Holdings, GSR Ventures and SBI-FMO Emerging Asia Financial Sector Fund.