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SoCash plans to use its fresh fund for expanding services and accessibility of banking services in Indonesia, Malaysia, and Hong Kong. (Image credit: The Strait Times)
Fintech startup SoCash raises US$ 6 Million Series B to expand services in Indonesia, Malaysia
A Singapore-based fintech startup SoCash revealed the company has raised US$6 million in its Series B funding round. The startup’s funding is supported by Japan-based cash automation firm Glory Ltd, along with SC Ventures from Standard Chartered and Southeast Asian Vertex Ventures.Previously in August last year, the company has secured US$5.5 million investment from Vertex Ventures for its Series A funding round.
SoCash plans to use its fresh fund for expanding services and accessibility of banking services in its neighbors' Southeast Asian countries such as Indonesia and Malaysia. The startup is also eyeing Hong Kong for its expansion.
The three countries reportedly have given regulatory clearances to SoCash for running the business in the new markets. Currently, the company is set up a team in all three markets.
ICBC, Standard Chartered, DBS and POSB are currently the startup’s partner banks in Singapore. Having network for over 1,400 stores in Singapore, the company is now establishing its network in Indonesia and Malaysia.
Established in October 2015, the founder of soCash Hari Sivan and Rekha Hari developed the app for bank customers who want to withdraw their money easily without a bank card and pin. They can withdraw cash from the app’s partner stores.
Just log in to the soCash app, users can place a cash order and select the nearest store to collect the cash. After the order has successfully done, the app will automatically reduce the selected amount from the user’s account since the soCash’s technology directly connects to the bank’s Application Programming Interface (API).
Source: http://fintechnews.sg/32490/funding/socash-series-b-vertex-ventures-sc-glory/
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