Instapay Technologies announced that it has raised US$4.75 million (RM 21.5 million) in Series A funding round.
The new funding will enable Instapay to further enhance its technology platforms and introduce innovative product features for its customers.
Round was led by Daiwa ACA APAC Growth I with participation from Spiral Ventures Asia Fund I as well as existing investors.
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.
Instapay also intends to use the new funds to expand into new markets in Southeast 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.