Singapore-based p2p cash management platform SoCash has reportedly secured an undisclosed Series A round from Vertex Ventures.
The company launched its product last year and currently has clients including Standard Chartered Bank Singapore, according to an article by Tech in Asia.
SoCash is a cash management platform for banks, helping to improve cash distribution and liquidity management by creating a mobile device-powered cash network. The company aims to turn every shop and customer into a virtual cash distribution network.
In order to withdraw cash, a user selects the amount they need,?picks a nearby store and then collects the funds. Businesses are able to deposit cash after joining the cashpoint network.
This capital injection will help the company to increase its team size and scale its operations globally, with Indonesia its first target, the article states.
Earlier this month Vertex Ventures closed its third Southeast Asian venture fund on $210m, surpassing its initial target of $150m. The vehicle represents the firms first to receive contributions from outside backers, with Kasikornbank and Cathay Life Insurance taking part.
Singapore FinTech sector recently saw a record quarter for funding, after Q2 2017 had $128.8m deployed through 21 deals. This high-level of activity is part of a three-quarter increase to total funding in the sector.
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