Instapay Technologies, a Malaysian fintech focused on financial inclusion, has been named to CB Insights’ 2025 Fintech 100, recognising it among the world’s most promising private fintech companies. The recognition follows the company’s recent $3million (MYR 13million) Series A2 funding round, underscoring its steady momentum in serving the underbanked and migrant workforce across Southeast Asia.
Instapay was included in the annual list—which features early- and mid-stage startups—for its innovative digital payment platform. This platform enables corporates to pay salaries directly into their migrant workers’ Instapay e-wallets, providing them with access to formal payment channels, reducing transaction costs, and enabling digital cross-border remittance.
Driving financial inclusion for the underserved
Founded with a vision to provide financial inclusion to underserved customer segments, particularly foreign migrant workers, Instapay has rapidly grown to service hundreds of corporates for payroll accounts. The company has built a digital payroll and remittance ecosystem that enables faster, safer, and more affordable access to financial services for those historically excluded from the traditional banking system.
Rajnish Kumar, chief executive officer of Instapay, welcomed the recognition. “We are delighted and honored to be recognised by CB Insights and to be listed amongst the top 100 fintechs in the world,” Kumar said. “This recognition is a validation of our team’s work and the impact we are making in the communities we serve. We remain committed to introducing innovative financial products and services that are suitable and affordable for this segment”.
Instapay’s e-wallet allows workers to manage digital cross-border remittances, bill payments, and mobile top-ups. Furthermore, the company issues a Mastercard that is accepted globally for purchases and ATM cash withdrawals.
Infrastructure to shape the future of finance
Instapay’s inclusion in the CB Insights’ list highlights a growing trend of companies leveraging advanced technologies to build the new backbone of finance.
Laura Kennedy, principal analyst at CB Insights, noted the shift in focus. “This year’s Fintech 100 showcases a new generation of companies turning AI, automation, and digital assets into the backbone of financial infrastructure,” Kennedy said. “This year’s winners are building infrastructure that will shape the future of financial services”.
Instapay was selected based on several factors, including CB Insights datasets on deal activity, industry partnership, investor strength, and hiring momentum. The recognition not only validates Instapay’s model but also underscores Malaysia’s emergence as a key player in impact-driven financial technology across the Asia-Pacific region.
