Malaysian fintech firm Instapay Technologies has secured US$3 million (approximately RM13 million) in a Series A2 funding round led by several U.S.-based family offices.

Existing investor ACA Investments, a Singapore-based Japanese investment firm, also participated.

Instapay previously raised RM21.5 million in a Series A funding round in September 2022.

The company said the funds will be used to expand its product offerings, enhance its cross-border payment capabilities, and support new market growth.

The company is also looking to scale its services in the foreign worker payroll segment and introduce B2B remittance under the Glyd Corporate Expense Management platform.

Rajnish Kumar, CEO, Instapay, added,

“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 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.”

ACA Partner Hajime Adachi said Instapay has recorded more than tenfold topline growth since the firm’s initial investment about three years ago and became profitable during this period.

He added that with all required licenses in place and strong momentum across its core offerings, the company is well-positioned for continued expansion.

Featured image: Edited by Fintech News Malaysia, based on image by alexokov via Freepik