Mobile point-of-sale terminal developer Soft Space Sdn has nabbed an undisclosed Series B from Sumitomo Mitsui Card Company.
This investment comes after a memorandum of understanding and business alliance agreement made early last year. The agreement allowed Soft Space to receive privilege access to the Japanese market.
Sumitomo Mitsui Card Company is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG), a major financial group in Japan. This transaction marks Sumitomo’s first investment outside of Japan and the US.
Malaysia-based Soft Space provides businesses with a payment processing platform which enables businesses to accept transactions through their smart devices. The company offers services for a mobile app, card readers, web-based management console and a real-time dashboard.
Through the investment, Soft Space hopes to grow opportunities in Japan and the ASEAN region, as well as expanding into new markets. The partnership with Sumitomo will allow Soft Space to provide its payment solutions to SMFG and its affiliates.
Soft Space Joel Tay CEO said, “To attain this distinction as the first company SMCC has invested in outside of Japan and the United States is a real privilege for us at Soft Space. We are humbled by this and will leverage this partnership to the fullest by delivering innovative FinTech solutions to our Japanese partners to the best of our abilities.”
Last year, Soft Space picked up a $5m Series A investment from Japanese e-commerce solution Transcosmos, in order to support expansion to the Japanese market.
SMCC has previously invested in two FinTech companies, supporting online payment processors Square and Stripe.
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