Shankar Narayanan, Co-founder of Singapore-based Fastacash, has left the fintech startup to start another venture, he confirmed to e27.
Narayanan, who has held various top posts such as CEO, CPO and Chief Innovation Officer before leaving the firm in September last year, is currently running another fintech startup called Active Intelligence.
Active Intelligence is an online platform that enables financial institutions to deliver their services using intuition and automation over channels of engagement.
“I stepped down from Fastacash management after they closed Series B (funding),” Narayanan said.
Fastacash has also confirmed the development. In an emailed response to e27, the company said: “Shankar is no longer Chief Innovation Officer at Fastacash. We have recently brought on-board several new senior people in technology, business development and sales across APAC and globally. This includes Jorgen Nordin, former Head of International Product Management at Jawbone, to drive the innovation, product, operations and engineering functions at Fastacash.”
Fastacash added that Shankar left Fastacash to pursue his ambition: to run his own innovation lab focussed on technologies that are unrelated. “He remains as a shareholder in the company,” the email reads.
Narayanan started his entrepreneurial journey in 1999 by co-founding online payment company Cazh. In 2004, it got acquired by Camtech Malaysia. In the same year, he started another venture called Tagit, an enterprise mobility company that designs, develops, and deploys end-to-end consumer applications focussed on the banking and financial industry.
Fastacash was co-founded by Narayanan along with Michael Wee in 2012. It is a global micro payment platform that allows users to transfer monetary value (money, airtime, other tokens of value, etc.) through social networks, enabling secure peer–to–peer transactions domestically and internationally.
In 2014, Fastacash raised US$4 million in Series A funding from Jungle Ventures, Spring SEEDS Capital and Hong Kong-based Funding the Future. A year later, it secured US$15 million in Series B funding. Till date, the company has raised US$23.5 million.
The company has partnered with Visa Europe to bring social transfer capabilities to Visa Europe’s partner banks. It also has tie-up with Axis Bank to launch Ping Pay, India’s first bank-led multi-social payment app.