April 25, 2024

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South Korean venture capital Atinum Investment has joined the $41 million second tranche of a series C round investment in Singaporean digital cross-border money transfer startup InstaReM, according to industry sources on March 20.

The series C funding was closed with the second tranche also joined by Singapore-based existing investor Vertex Growth Fund. This adds to the first tranche of over $20 million in investment in November last year from corporate-owned VCs -- MDI Ventures in Indonesia and Beacon Venture Capital in Thailand.

Founded in 2014, the fintech startup has fetched an accumulated $59.5 million from VCs. InstaReM’s digital remittance network covers some 50 countries and has offices in Singapore, Mumbai, Lithuania, London and Seattle. It plans to expand its overseas business in Latin America and go public in 2021.

Established in 1988, Atinum Investment is the venture capital arm of Atinum Partners, a private investment company owned by Korean investment guru Lee Min-joo.

Atinum Investment had invested in private firms like Medy-Tox and Gamevil before they went public. Its assets under management currently stand at some $450 million.

By Son Ji-hyoung (consnow@heraldcorp.com)