In a Series A round of financing, app-based fintech company CashCash has reportedly raised a multi-million dollars led by Creation Partners Capital, joined by Zhen Fund, Zero2IPO, and former shareholder Rong360.
CashCash plans to use the funding to improve the platform system while increasing traction and data accumulation by expanding into the credit card, banking and insurance sectors. It also plans to prepare expansion to other markets like the Philippines, India and Vietnam market.
Launched just in the end of 2017, CashCash claims it has gathered more than 60 Indonesian online loan platforms. All are accessible for financial products and services comparison for the community to provide comments on the financial products.
“Many platforms only care about the service during and after the loan, no one had paid attention to pre-lending services,” said Founder and CEO Lin Yi regarding the platform’s capability that focuses on the pre-lending stage.
To vet the fintech products featured in CashCash, the team performs a full beta testing before the product goes live to ensure that the loan process in said product is smooth and reliable. CashCash also provides loan strategies to help local users to have a comprehensive understanding of financial products through its community.
To use the app, users need to upload credit information on CashCash to complete the whole application of loan repayment without having to submit loan applications in other platforms.
Currently, CashCash claimed to have 600,000 to 700,000 monthly active users.
Previously, CashCash had also received Pre-A financing from Rong360 and Plum Ventures.
Image Credit: CashCash