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 investorsBy Elaine Huang 04 Jun, 2014
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.
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.”