Malaysian fintech company Instapay Technologies Sdn Bhd has just raised $3 million in its latest Series A2 funding round.
In a statement on Wednesday, Instapay said the new investment came mainly from a group of U.S.-based family offices. One of its existing investors, ACA Investments from Singapore (backed by a Japanese firm), also joined in again.
This continued support shows confidence in Instapay’s plans and future growth.
The company said it will use the new funds to grow its range of services, expand into new countries, improve its technology, and keep developing better ways to send money across borders.
“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 a 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.
Hajime Adachi, a partner at ACA, said that Instapay’s revenue has grown more than 10 times since ACA first invested about three years ago. He added that the company has also become profitable during this period of strong 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.
Instapay is a fully digital payment platform that helps lower the cost of transactions and makes it easier for people and small businesses—especially those without full access to banks—to use formal payment services in Malaysia and Southeast Asia.
The company began operations in Malaysia in 2019, aiming to offer a banking alternative for low-income workers. It provides migrant workers with an e-wallet and a Mastercard so they can receive their salaries digitally, even if they don’t have a bank account.
Instapay was created to support financial inclusion for underserved communities. Since then, it has grown quickly and now helps hundreds of companies manage payroll for their migrant workers by paying salaries directly into their Instapay e-wallets.
Instapay has quickly gained popularity among its target users and remains one of the top-rated e-wallet apps in Malaysia.
With the Instapay e-wallet, workers can send money overseas, pay bills, top up their mobile phones, and more—all digitally.
The Instapay Mastercard can be used around the world at millions of stores that accept Mastercard. It can also be used to withdraw cash from ATMs.
Instapay has also become one of the leading digital money transfer platforms in Southeast Asia.
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