InstaReM, a startup financial technology firm, got approval from Bank of Lithuania for Electronic Money Institution (EMI) license to provide international money transfer services in Europe from Vilnius. InstaReM plans to hire 25 Information Technology and Customer Service specialists by the end of the current year.
Established in 2014, InstaReM currently has more than 100 staffs providing services in Australia, Singapore, Hong Kong, Canada, India and Malaysia. The EMI license issued by the Bank of Lithuania will allow operations in the common market of the European Union by passporting through the SEPA region in early 2018; InstaReM plans to apply for specialized bank license.
According to Prajit Nanu, co- founder and CEO of InstaReM “Our central operational headquarters for Europe and the North and South Americas will be based in Lithuania. From here, we will provide services for the whole of Europe and North Americas. We made this decision after considering the flexibility of the Bank of Lithuania, the speed of the EMI license issuance, the excellent specialists in the country’s labor market and, last but not least – the operational costs. Having taken all of these factors into account, we see that Lithuania is the most competitive country for fintech companies.”
South East Asia’s largest cross-border digital payments company, InstaReM processes over 2 million transactions annually. Recently InstaReM raised $13 million from leading investors in Asia to fuel its expansion and it plans to invest 3 million euros ($3.53 million) in its European operations over the next two years. Founded in 2014 by Michael Bermingham and Prajit Nanu, InstaReM, currently employees around 50 employees.