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Investment  4, Jun 2014

Social payments enabler fastacash raises US$4M in an additional round


Singapore’s fastacash wants to poise itself as a global company with the latest funding from the new and existing investors

Singapore-based social payments platform fastacash has today announced securing another US$4 million from new investors, Jagdish Chanrai, Principal of Kewalram Chanrai Group, and Golden Oriole Investments, and other existing investors.

The platform allows peer-to-peer funds transfer, alongside other digital goods like coupons, airtime, music and videos.

It previously raised US$4.5 million from its seed and Series A round of funding from Jungle Ventures; Spring SEEDS Capital, the investment arm of SPRING Singapore; and Hong Kong’s Funding the Future.

The firm will be using the funds to expand rapidly across the globe. “… Together with our partners, we are gaining a strong worldwide presence,” said Vince Tallent, Chairman and CEO, fastacash. These partnerships include SKRILL, an online payments and money transfer company; OXIGEN, an India-based payments service provider; MOBI.DENGI, a Russian payment service provider; IMPERIAL BANK, a Kenyan bank; and TECHOMBANK, a private bank in Vietnam.

Also Read: ‘Underdeveloped payment infrastructure holding e-commerce in Indonesia’

Earlier in October 2013, fastacash had announced its plans to launch in Indonesia and Russia, and announced its partnership with Indonesian payment service provider Doku.

Tallent concluded, “The next few months will see fastacash position itself as a formidable player enabling social payments by creating a network of partners, all using a common platform to enable the transfer of value, with a fastalink, across any social network and messaging platform.”

Elaine Huang

Elaine Huang

Elaine is a fervent believer that if there ever is a zombie apocalypse, we will all be snapping away at them with our phones and posting them onto Instagram. A Mass Communication graduate of Ngee Ann Polytechnic's School of Film and Media Studies, she enjoys writing about technology and entrepreneurs. When not hashtagging her way through all sorts of trouble, Elaine is probably contemplating how to write in the third person.

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