Social-based fintech platform Fastacash has secured a $15 million USD B series, raising the company’s total funding to $23.5 million USD. Rising Dragon Singapore led the latest financing round, which also included fintech venture capital firm Life.SREDA, UVM 2 Venture Investments LP, and other existing investors.
Founded in 2012, Fastacash is a global social payments platform that allows users to transfer money to friends and family over social networks and messaging platforms like Facebook Messenger, WhatsApp, Skype, Twitter, SMS & email. It provides accounts both to consumers and companies, where virtual goods, music, and images can also be transferred through its platform.
The company now claims to have over one million end-users, mainly distributed throughout Southeast Asian markets such as India, Indonesia, Singapore and Vietnam. Russia is also a strong market for the company.
Fastacash works with banks, mobile operators, remittance companies, payment service providers, mobile wallets and other financial institutions to enable peer-to-peer or person-to-merchant transfers. As of this May, the Singapore-based payment startup has formed partnership with Axis Bank, India’s third largest private bank.
With the new funding, Fastacash plans to strengthen its foothold in India and Southeast Asia, as well as scaling up globally by entering new markets in the U.S., UK, Europe, and the Middle East.
After raising a $1.5 million USD seed funding led by Hong Kong’s Funding the Future in 2012, the company nabbed a $3 million USD in Series A funding from Singapore-based Jungle Ventures, Spring SEEDS Capital, the investment arm of SPRING Singapore, and existing investor.
An additional $4 million USD was received in an extended Series A round, led by Jagdish Chanrai, a Principal of the Kewalram Chanrai Group, and Golden Oriole Investments.
Image Credit: Fastacash