Fintech startup soCash raises $8.17m in Series B funding round

The funds will be used to expand into Malaysia, Indonesia, and Hong Kong.

soCash, a fintech startup which allows bank customers to perform banking services at shops by its mobile app, raised $8.17m in its series B funding round led by GLORY LTD and participated by SC Ventures and Vertex Ventures.

The startup said that it will use the funds to grow its distribution network in Malaysia, Indonesia, and Hong Kong. The company also expressed its desire to scale up the penetration of its services across Southeast Asia.

Launched in mid-2018, the soCash app started off by allowing withdrawal from stores as they would in conventional ATMs, but without the need for a card and a pin. Users can reportedly place an order at the app and select a nearby store or merchant to collect the money, which the app deducts from the customer’s account.

Recently, soCash added ICBC to its list of partners, which include Standard
Chartered, DBS and POSB. It now has a network of 1,400 shops in Singapore, with services available at retail chains such as SPH Buzz, U Stars supermarket, iECON stores, U Mart, 7-Eleven and HAO Mart.

Also Read

ESR-LOGOS secures $225m and JPY15.5b sustainability-linked term loans

Singapore leads SEA in FinTech funding

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit