Instapay Technologies has announced the successful raising of US$4.75 million (RM 21.5 million) in Series A funding round led by Daiwa ACA APAC Growth I, an investment management firm backed by Daiwa Securities Group, with participation from Spiral Ventures Asia Fund I and Instapay’s existing investors.
The funds received from the round will go towards enabling Instapay to push forth with its plans to enhance its platforms with the introduction of new product features, as well as expand its reach into new markets in South East Asia and the Middle East.
“We are delighted and honoured with the trust placed in us by our new and existing shareholders,” commented Rajnish Kumar, co-founder and CEO of Instapay Technologies.
“We founded Instapay to better serve unbanked migrant workers and the companies that employ them, and we are glad that in our new investors we have found a common match of this mission.”
Established to serve as a banking alternative for low-income workers, the firm holds an e-money license with Bank Negara Malaysia (BNM) and has been providing its services in Malaysia for two years, providing e-wallet and Mastercard to unbanked migrant workers as a payroll solution.