InstaRem, a Singapore-based, cross-border payment firm, said it raised $20 million in its round of Series C funding, led by MDI Ventures, the venture capital arm of Indonesia's Telkom, and Beacon Venture Capital, the venture capital arm of Thailand's Kasikornbank.

Existing investors Vertex Ventures, GSR Ventures Rocket Internet and SBI-FMO Fund also supported the round, which is part of the firm's $45 million round of fundraising scheduled for completion by January 2019, according to a company press release.

InstaRem said it plans to use the funds to grow its existing business and expand into Japan and Indonesia where the firm expects to obtain licenses by the end of 2018. The company also plans to add a new consumer and enterprise product in 2019.

"By providing the lowest exchange rates among competing services, InstaRem provides significant value to both local and foreign migrant workers looking to transfer funds to their home countries and to local businesses looking to conduct trade with international parties in the hope that they can boost international trade exports," Nicko Widjaja, chief executive of MDI Ventures, said in the release.

The round is scheduled to take the total amount of funds raised to $63 million, and the firm plans an IPO in 2021.