InstaReM is an online cross border remittance firm focused on Asian corridors. InstaReM holds regulatory licenses to operate as a remittance provider in Australia, Canada and Hong Kong. InstaReM has offices in Australia (Gold Coast), Canada, Hong Kong, India (Mumbai), Singapore, and United States (New Jersey).
InstaReM offers remittance services to individuals, small/medium- businesses, and financial institutions. InstaReM has created a unique payment solution in Asia, leveraged by financial institutions for cross border payments. Within the first year of business, InstaReM has positioned itself as a strong competitor in the Australian market with about 2% of all remittance transactions from Australia to India and growing in other corridors.
InstaReM was founded by Prajit Nanu and Michael Bermingham in 2014. The business plan was formed by Prajit Nanu due to his struggles with foreign exchange and his disappointment with the foreign echange rates being offered. Prajit Nanu proposed the business idea to Michael Bermingham based on his foreign exchange and compliance experience in the US, EU, and Asia. The plan and name was founded on the idea of instant remittance which is where the company name was formed, InstaReM. They both believe in providing a transparent service with exchange rates that close to the live market.
In 2014, Global Founders Capital, a Germany-based company and brainchild of Rocket Internet Founders, invested in InstaReM’s seed round of funding. Up until that point, InstaReM India Private Limited and InstaReM PTY. Ltd (Australia) were 100% subsidiaries of InstaReM PTE. Limited in Singapore.
In November 2014, InstaReM PTY Ltd received approval of their Australian Financial Services License from the Australian Securities and Investment Commission (ASIC). InstaReM launched their remittance service in Australia in February 2015
InstaReM Canada Corporation received approval from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in August of 2015.
In February 2016, InstaReM Limited attained approval from the Custom and Excise Department of Hong Kong
InstaReM received close to a US$5 million investment led by Vertex Ventures, with participation from Fullerton Financial Holdings (FFH), and Global Founders Capital (GFC) in March 2016