Malaysian fintech firm Instapay Technologies Sdn Bhd announced Wednesday the successful completion of a Series A2 funding round of $3 million.

The firm said in a statement that this round has been led by a group of U.S. based family offices and saw continue participation from its existing investor ACA Investments Pte Ltd, a Singapore-based Japanese investment firm.

The support is reaffirming their commitment to Instapay’s vision and growth trajectory.

With this new funding, InstaPay plans to expand its product offerings and geographical footprint, bolster its technological infrastructure, and support continued innovation in cross-border payment capabilities.

“We are excited to close the current funding round. This will help us manage the working capital needs of our growing business. We are a profitable and cash- flow positive company, but this additional funding will accelerate our growth in our fast-growing remittance business,

“We are also starting business to business (B2B) remittance within our Glyd Corporate Expense Management Platform and this additional funding will enable us to innovate and grow faster. We are grateful to our existing shareholders including Daiwa ACA for their continued faith in our business,” said Rajnish Kumar, Chief Executive Officer, Instapay.

Hajime Adachi, Partner, ACA, said that the firm has seen more than 10 times growth in Instapay topline from about three years when it first invested and the company became profitable alongside this strong topline growth.

“With the new initiatives in the core foreign workers payroll and remittance business as well as the plans to launch B2B Remittance under the Glyd Business Platform, we see Instapay continuing to grow rapidly for the next few years,

“It’s at a very interesting point in its journey with all licenses in place and supported by a strong business momentum,” he added.

Instapay is a pure digital payment platform which reduces the cost of transactions and improves accessibility to formal payment channels for the underbanked segments and small and medium-sized enterprises (SMEs) in Malaysia and Southeast Asia.

The firm started its market operations in Malaysia in 2019 as a banking alternative for low-income workers, providing e-wallet and Mastercard to unbanked migrant workers as a payroll solution.

Founded with a vision to provide financial inclusion to the underserved customer segments, the firm has grown rapidly and today services hundreds of corporates for payroll accounts for their migrant workers.

It enables corporates to pay salary digitally to their workers’ Instapay e-wallet.

Instapay has seen rapid customer adoption in its target segment and continues to be amongst the highest rated e-wallet apps in Malaysia.

Its e-wallet enables workers to do digital cross border remittance, bill payments, mobile top-ups etc.

Instapay Mastercard is accepted globally at millions of Mastercard merchants and can be used for purchases as well as for ATM cash withdrawals.

Instapay is also one of the leading digital remittance platforms in Southeast Asia.

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