InstaReM chief reflects on 2017 and marches into 2018

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  • InstaReM CEO thanks customers and reveals expansion plans for year ahead
  • Money transfers company looks back on award-winning 2017

Prajit Nanu, co-founder and CEO of the phenomenally successful Singapore-headquartered cross-border payments service InstaReM, has taken to the company’s blog to shed light on the fintech startup’s progress during 2017 and its goals for 2018.

Thanking the fast-rising firm’s international customers for their ongoing support, Mr Nanu underlined just how much attention InstaReM is attracting. In 2017, for example, the company drew a raft of accolades, including awards at Singapore Fintech Festival 2017 and India Fintech Awards 2017.

The recognition comes in the wake of real efforts to keep innovating and improving the startup’s international money transfers platform. From September last year, it upgraded to real-time rates, ensuring that there would no longer be any margins on Forex rates and abolishing any hidden costs as a result. This effectively means that customers using InstaReM to make international payments are guaranteed the same rates that they see on Google or Reuters.

Customers appear to have enthusiastically approved of this innovation, giving the company, in Nanu’s words, “a big thumbs up”. Addressing plans for 2018, Nanu wrote:

“Your remittance experience with us is the most important metric of our success. We realized that we needed to upgrade our tech platform to provide a better experience to you. I can assure you that we have been listening to you and working tirelessly on that front, and in 2018, you would soon experience a new platform — one which would enable quicker on-boarding, faster payments processing, and a slew of soon-to-be-announced features that would enhance your remittance experience with InstaReM.”

Co-founded by Nanu and his business partner Michael Bermingham in May 2014, InstaReM began operating in August 2015. Since then it has raised USD $18m (AUD $22.9m) in two rounds of funding.

It now holds licences to operate its cross-border payments business in Australia, Canada, the US, Europe, Hong Kong and Singapore. Currently, it has offices in Australia, Hong Kong, and Singapore, a technology centre in Lithuania, and a 100-person operations office in Mumbai.


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