InstaPay Technologies raises $3 M Series A2 funding to spur innovation and expansion
The $3 million Series A2 funding round was successfully completed, according to a statement released by Malaysian fintech company Instapay Technologies Sdn Bhd.
According to a statement from the company, ACA Investments Pte Ltd, a Japanese investment firm with headquarters in Singapore, continued to participate in this round, which was led by a group of family offices in the United States.
They are reaffirming their dedication to Instapay’s growth trajectory and vision with this support.
InstaPay intends to use this additional funding to strengthen its technological infrastructure, broaden its geographic reach and product offerings, and encourage ongoing advancements in cross-border payment capabilities.
“We are excited to close the current funding round. This will help us manage the working capital needs of our growing business. We are a profitable and cash- flow positive company, but this additional funding will accelerate our growth in our fast-growing remittance business,
“We are also starting business to business (B2B) remittance within our Glyd Corporate Expense Management Platform and this additional funding will enable us to innovate and grow faster. We are grateful to our existing shareholders including Daiwa ACA for their continued faith in our business,” said Rajnish Kumar, Chief Executive Officer, Instapay.
According to ACA Partner Hajime Adachi, the company’s Instapay topline has grown by more than ten times since it made its initial investment, and the business has turned a profit in tandem with this robust topline growth.
“With the new initiatives in the core foreign workers payroll and remittance business as well as the plans to launch B2B Remittance under the Glyd Business Platform, we see Instapay continuing to grow rapidly for the next few years,
“It’s at a very interesting point in its journey with all licenses in place and supported by a strong business momentum,” he added.
For underbanked groups and small and medium-sized businesses (SMEs) in Malaysia and Southeast Asia, Instapay is a fully digital payment platform that lowers transaction costs and increases access to official payment channels.
As a banking option for low-income workers, the company began operating in Malaysia in 2019. It offered Mastercard and e-wallets to unbanked migrant workers as a payroll solution.
Established with the goal of bringing financial inclusion to underserved clientele, the company has expanded quickly and now provides payroll account services to hundreds of corporations for their migrant employees.
Employees’ Instapay e-wallet can receive digital salary payments from corporations thanks to it.
The target market for Instapay has embraced it quickly, and it remains one of the best e-wallet apps in Malaysia.
Employees can use its e-wallet to pay bills, top up their mobile phones, and conduct digital cross-border remittances.
Instapay Mastercard can be used for both purchases and ATM cash withdrawals, and it is accepted at millions of Mastercard merchants worldwide.
