Cross-border payments startup InstaReM has received a $13 million funding round investment through GSR Ventures and other investors.

Singapore-based InstaReM has raised more than $18 million in the past 18 months, with investors Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings and Global Founders Capital also supporting the venture.

InstaReM plans to use the investment to build its global payment infrastructure, which has grown eight times in volume since its March 2016 funding. The funds will also be used to develop new products and licensing activities in new markets.

By the end of the year, InstaReM plans to expand into all markets in Europe and the U.S. Along with the expansion into Europe, InstaReM says it will implement a new payment system to significantly speed up Euro payment transfers from 24 hours to less than 10 seconds across 34 member countries.

"This is an important investment for the company to propel our next phase of growth and expansion," InstaReM CEO Pajit Nanu said in a July 5 press release. "With GSR Venture's strong network in China and the U.S., coupled with SBI-FMO Fund's strong base in Japan and other emerging markets, we believe we have found the best partners for this phase of our journey."

InstaReM caters to both business and individual money transfers with an aim to make cross-border payments a level playing field for all operators in the ecosystem, Nanu added.

Banks, telcos, mobile wallets or money transfer operators can access the InstaReM payment infrastructure to send payments to more than 50 markets with full transparency on cost and destination amount, a factor that InstaReM says allows them to compete with other global providers.

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