Singapore-based soCash, the startup enabling consumers to withdraw cash and apply for loans via its mobile app, has raised a $6m Series B funding round.
The round was led by Glory, the money handling machines and cash management company, as part of the business’ ambition to strengthen its ambition to create new software and data-driven growth. According to Minoru Higashiyama, deputy general manager of Glory’s System Development Division, the company was particularly drawn to soCash’s approach of connecting retailers, banks and consumers to boost cash circulation. Higashiyama said this made soCash a “perfect fit to Glory’s hardware and internet-of-things (IoT) business.”
SC Ventures, the San Francisco-based hybrid venture capital and consultancy firm, and Vertex Ventures, the venture capital firm, also joined the raise. The latter previously led iPad POS system developer StoreHub’s $5.1m Series A round in January 2018.
The FinTech startup soCash was launched in 2018. It initially only enabled bank customers to use its service to withdraw money from stores rather than having to be forced to find an ATM. Today, it lists 1,400 shops around Singapore.
soCash plans to use these new financial muscles to improve banking services’ accessibility and convenience across Asia. It is particularly looking at scaling in Indonesia, Malaysia and Hong Kong, which it has already acquired the relevant regulatory clearances for. Moreover, soCash is also expanding its talent base.
Commenting on the new capital injection, Hari Sivan, co-founder and CEO of soCash, said soCash was started “to make cash circulation efficient” but that the platform has since grown into becoming “the only network that converts neighbourhood shops into virtual branches.” Sivan continued, “With the emergence of virtual banks and open banking, our network is well equipped to offer sales and distribution with flexibility and massive scale.”
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