Instapay Technologies, a provider of payment solutions, has secured $4.75 million in a series A fundraising round that was co-led by ACA Investments.
Spiral Ventures participated in the round again as an investor. Instapay received advice on fundraising from Singapore-based corporate finance consultancy company TOP2.
Instapay, which debuted in Malaysia in 2020, offers payment options in the form of a connected prepaid Mastercard and an e-wallet. Additionally, it offers a payroll system that enables businesses to electronically pay employees’ wages using the Instapay e-wallet.
While Mastercard facilitates cashless transactions, the e-wallet gives migrant workers access to digital cross-border transfers, bill payments, and cell top-ups.
The additional funding, according to Instapay co-founder and CEO Rajnish Kumar, will be used to improve the company’s technological infrastructure and roll out new product features. The business will also try to enter new markets in the Middle East and Southeast Asia.
As businesses implement digital wage payments to be transparent and in compliance with local legislation, Hajime Adachi, associate partner at ACA Investments, predicted that digital financial inclusion might increase tremendously over the next ten years.
