Mobile point-of-sale (mPOS) startup, SoftPay Mobile International, has dialled in Series A funding worth US$1 million, led by Singapore-based venture capital, Life.SREDA, through its InspirAsia accelerator, according to an official release today.
A second undisclosed investor also participated in the round.
“This funding will allow SoftPay Mobile to accelerate our vision to be the number one mobile payment company in Southeast Asia. We will be using the funds for expansion into other Southeast Asian countries and conduct hiring of strategic talents,” said Christopher Low, CEO and Co-founder of SoftPay Mobile.
Commenting on the investment, Life.SREDA’s Investment Director, Igor Pesin, said, “We believe in mPOS as one of the most promising areas in fintech. It is a necessary sector in any fintech ecosystem. [Amongst] mPOS companies in SEA, SoftPay Mobile has one of the most experienced teams. They have already built and launched great products and proven that they can effectively acquire and keep small and big merchants.”
SoftPay Mobile International launched early this year. It currently has operations in Vietnam and will use the investment to expand into Singapore, Malaysia, and Indonesia.
Its mPOS reader allows businesses and individuals to accept major credit cards (MasterCard, Visa, JCB, Amex, China UnionPay) and debit cards. It charges a fee of 0.8 per cent to 2.5 per cent per transaction but does not require a monthly transaction volume.
Also Read: Meet the 8 startups chosen for Life.SREDA’s fintech programme
Photo credit: Shutterstock