Payments firm Instapay Technologies announced that it has raised US$4.75 million (RM 21.5 million) in Series A funding round.

This round was led by Daiwa ACA APAC Growth I with participation from Spiral Ventures Asia Fund I as well as existing investors.

The new funding will enable Instapay to further enhance its technology platforms and introduce innovative product features for its customers.

Instapay also intends to use the new funds to expand into new markets in South East Asia and the Middle East.

The firm started its market operations in Malaysia about two years ago as a banking alternative for low-income workers.

Instapay holds an e-money license with Bank Negara Malaysia (BNM) and has teamed up with Mastercard to a pre-paid payments card that’s linked to the e-wallet.

Rajnish Kumar, Co-founder and CEO of Instapay Technologies said,

“We are delighted and honoured with the trust placed in us by our new and existing shareholders.

 

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.”