Instapay, a digital payment platform, has raised USD 3 million in a Series A2 funding round. This investment is led by a consortium of US-based firms alongside ACA Investments Pte Ltd.

Instapay supports underbanked individuals and small to medium-sized enterprises (SMEs) by reducing transaction costs through its e-wallets and Mastercards as payroll solutions for low-income and unbanked migrant workers. Workers can receive their salaries digitally, with the ability to make cross-border remittances, pay bills, and top up mobile phones.

The newly secured funds will be used to broaden Instapay’s product offerings and expand its geographical reach. The company also intends to enhance its technological infrastructure and continue innovation in cross-border payment solutions.

Instapay representatives announced that the additional capital will help meet working capital needs for business expansion, further accelerating growth in the rapidly evolving remittance sector. Moreover, Instapay plans to launch B2B remittance services via the Glyd Corporate Expense Management Platform.

Past Developments at Instapay

In April 2025, Instapay partnered with Mastercard to improve cross-border payments for customers in Malaysia. This collaboration enabled migrant workers residing in Malaysia to transfer funds back home almost instantaneously. The Mastercard Move service facilitated person-to-person and business transactions to more than 180 countries globally, supporting over 150 currencies.

Primarily, the Malaysian migrant workforce came from Indonesia, Nepal, Bangladesh, India, and the Philippines. With Mastercard Move, users in these regions, including those in Pakistan, gained access to simplified transfers to bank accounts, digital wallets, or cash pick-up points. They could also track payments, fees, and estimated delivery times.