The $18 million raised by Instant, the eCommerce fintech startup, is for international expansion and enhancement of retention marketing solutions for online sales.

The Brisbane-Based fintech startup Instant has raised $18 million in a Series A round, taking total funding to $20.2 million since its record $2.2 million pre-Seed round. The funding round was led by Belgian venture capital firm Hummingbird Ventures, with continuing support from Blackbird, TEN13, Westpac's Reinventure fund, together with other notable investors Zip co-founder Larry Diamond and Tinder founder Justin Mateen.

Instant was founded in April 2021 by two teenagers, Liam Millward and William Gao, with the initial goal of making the online checkout a smooth experience. They now instead market it as "an all-in-one retention marketing platform for eCommerce brands." Their platform aims to solve abandoned online sales through transforming the lost shopper into a loyal customer.

With his new set of funds, Instant intends to push into international markets further, especially in North America, and double its product and engineering workforce. Millward, who works as CEO, said the company estimates its revenue and headcount will triple by 2025. With impressive early growth, Instant achieved $1 million in annual recurring revenue just six months in.

As the fintech space continuously grows and mature, Instant has developed solutions that would transform eCommerce-business-for-the-retailers to smarter customer retention.