InstaRem, a growing cross-border payments firm in the Southeast Asian market, said it has closed on $20M in a funding round led by Singapore’s Vertex Growth Fund.

InstaRem said the round was supported by South Korea’s Atinium Investment. The funding brings the total raised by InstaRem to $59.5 million, making it one of the 10 highest-funded fintech companies in Southeast Asia.

Proceeds of the funding round will be used to accelerate growth; the company expects to receive licenses to operate in Japan and Indonesia later this year.

Instarem founder and CEO Prajit Nanu said the company continues to try to par the concept of open money. Being able to send money anywhere through remittance, spend it anywhere and receive it anywhere.

"Our mission remains unchanged," he said in the announcement. "The latest round of funding reflects investors continuing confidence in our business and value proposition."

The investment follows a $20 million round announced in November. Company officials said an initial public offering is scheduled for 2021.  

InstaRem plans major expansion in 2019, including opening a Latin American regional office and boosting its existing teams in London and Seattle. The company is scheduled to launch a payment cards platform before the end of the year.