SINGAPORE (July 22): soCash, the Singapore-headquartered fintech startup, announced that it has raised US$6 million ($8.2 million) in its series B funding round.
With the new funds, soCash aims to grow its distribution network to improve the accessibility and convenience of banking services in countries such as Indonesia, Malaysia and Hong Kong -- as the company has already acquired the relevant regulatory clearances in these three markets.
The funding round was led by Glory Limited, a pioneer in the development and manufacture of cash handling machines and systems headquartered in Himeji, Japan. Glory currently has a global reach of over 100 countries.
Other investors include SC Ventures, the innovation, ventures and fintech investments unit of Standard Chartered Bank, and Vertex Ventures, the worldwide group of venture capital funds with dedicated investments in IT and healthcare.
Since its launch in 2018, soCash has allowed bank customers to perform banking services such as cash withdrawals and loan applications at shops via its mobile app.
The startup recently added the Industrial and Commercial Bank of China (ICBC) to its list of local partner banks, which also includes Standard Chartered, DBS and POSB.
See: Cardless cash withdrawal service launched at 7-Eleven stores for POSB, DBS & StanChart clients
Its cash network platform currently comprises more than 1,400 shops around Singapore and is creating the network in Malaysia and Indonesia; with its service available at retail chains such as SPH Buzz, U Stars supermarket, iECON stores, U Mart, 7-Eleven and HAO Mart.
Alex Manson, Global Head of SC Ventures, says, “Our investment in soCash will give us valuable insights into the usage and the future of cash, without conventional costly channels such as branch counters and ATMs, while supporting soCash’s plans to scale up in markets within our footprint.”
Says Hari Sivan, co-founder & CEO of soCash, “We started soCash to make cash circulation efficient; our platform has now evolved to become the only network that converts neighbourhood shops into ‘virtual branches’. With the emergence of virtual banks and open banking, our network is well equipped to offer sales & distribution with flexibility and massive scale.”
