Singapore-based cross-border payments firm InstaReM has raised over $20m in a Series C funding round.

The fundraising was led by Telkom’s venture capital unit MDI ventures, and Kasikornbank’s Beacon Venture Capital fund.

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These two businesses were joined by existing investors Vertex Ventures, GSR Ventures Rocket Internet and SBI-FMO Fund.

InstaReM intends to expand the Series C to $45m by next January. The fundraising will take the overall capital raised by the payments firm till date to more than $63m.

MDI Ventures CEO Nicko Widjaja said: “With Indonesia’s fintech sector experiencing peak levels of growth, we believe that it is the ideal time for fintech companies, such as InstaReM, to focus on expansion throughout the country.

“As part of our thesis at MDI Ventures, we are keen to support InstaReM with their expansion in Indonesia and ASEAN through strategic partnership with various Telkom business units around the region.”

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With the new capital, InstaReM intends to expand into Japan and Indonesia. The payments firm expects to secure licenses in these countries by this year-end.

It already has licenses in Singapore, Australia, India, Europe, US, Hong Kong, Canada and Malaysia.

The payments firm also plans to use the investment to speed up growth in its existing markets and roll out a new consumer and enterprise product next year.

InstaReM co-founder and CEO Prajit Nanu said: “The promise we’ve made to our customers, from day one, is that we’ll always be transparent, and we’ll forever give them the best value we can to help them #DoMore with their money. No matter where they are in the world, and no matter if they’re a business or an individual sending money overseas, it’s been our mission to be their champion.

“That’s why we were one of the first Asian remittance providers to move outside of Asia, and that’s another reason why we’ve been able to secure this historic round of funding.”