Payment tech Instapay Technologies, an e-wallet and Mastercard issuer, has wrapped a Series A financing round (MYR 21.5 million). Existing Instapay investors joined new investors from the Daiwa ACA APAC Growth I fund, administered by ACA Investments. This Daiwa Securities Group-backed entity invests in growth-stage companies in Southeast Asia. TOP2 advised Instapay on its capital raise.
The faith of new and existing shareholders delights and humbles Rajnish Kumar, CEO of Instapay Technologies. They founded Instapay to aid unbanked migrant workers and their employers, and they’re pleased to welcome investors that share this goal. The extra investment will help them strengthen technology platforms and provide customer-friendly features. South East Asia and the Middle East are also options.
Instapay Technologies, which provides e-wallets and Mastercard to underbanked migrant workers as a Payroll Solution, opened its market operations in Malaysia roughly two years ago as a banking option for low-income workers. Instapay was started with the intention of providing financial services to underserved clients.
Since its inception, the company has expanded swiftly, and it now provides payroll accounts for hundreds of corporations’ migratory workers, in addition to serving a broad base of retail customers. Businesses can directly electronically transfer wages to their employees’ Instapay accounts. Instapay is one of Malaysia’s most well-regarded e-wallet apps, and it has witnessed tremendous client uptake in its target market.
Mr. Ryusuke Hirota, of Spiral Ventures, reflected on the investment, saying,
“We invest in startups in their early growth stage, who through their technology innovations are bringing a social change. We believe in the vision of Instapay to create a financially inclusive society where all workers have access to digital financial solutions.”
Workers can use the Instapay e-wallet to send money home from abroad, pay bills, recharge mobile phones, and much more. The Instapay Mastercard can be used for purchases or cash withdrawals at ATMs worldwide at any of the millions of locations that accept Mastercard.