Singapore-based remittance startup InstaReM rebrands as Nium to reposition itself as an ‘open money’ platform, providing end to end payment services.
The company started in 2015 with cross-border remittance as its core business. Nium’s platform will now help businesses to send, spend and receive money across countries, according to a statement.
InstaReM’s rebranding comes months after it raised $21 million in its Series C round from MDI Ventures and Beacon Venture Capital. MDI Ventures is the venture capital arm of telecommunications firm Telkom Indonesia whereas Beacon Venture Capital is the VC division of Thailand’s major banking group, Kasikornbank.
“When we started InstaReM four years ago, our mission was to make moving money internationally, faster and more convenient through seamless digital payments. It’s the innovative concept of open money which we’re trying to par,” said Prajit Nanu, chief executive officer of InstaRem in the statement.
The company which currently works with individuals, as well as enterprise and SME customers, will provide businesses with off-the-shelf products and build integrations on its platform for faster cross-border payments. Nium serves financial institutions as well as e-commerce companies and provides multi-currency payments.
The company claims to work across 34 regulated markets and over 55 payment corridors. Headquartered in Singapore, Nium also has an office in Mumbai.