InstaRem operates a cross-border payment service that is targeted at business users, including banks and retailers, although it does operate a consumer service. By working with banks and using wholesale rates, the firm is able to get good cross-border rates for its retail customers, too, InstaRem CEO and co-founder Prajit Nanu told TechCrunch. Right now, the company says it is processing 150,000 transfer each month, with an average size of $1,800 per transaction. It initially started with Australia, and since expanded to support moving money out of Hong Kong, Canada and Singapore and into 50 countries worldwide.

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