Singapore-based fintech startup soCash today announced a partnership with retail giant 7-Eleven that will enable users to withdraw cash at all 7-Eleven stores, starting from June 1.
Using the soCash mobile app, users can withdraw cash in 370 7-Eleven stores in the country, with the condition of any in-store purchase.
“We are always striving to bring more convenience and digital innovations to our customers. Through our partnership with soCash, we aim to better meet our customers’ ever-evolving needs by moving beyond our core offerings, at the same time providing rudimentary banking and financial services,” said 7-Eleven Singapore Managing Director Steven Lye in a press statement.
Launched in 2017, the soCash app aims to help expand users’ options for cash withdrawal. The company works by partnering with banks and creating a network of cashpoints from offline merchants, which ranges from cafes, grocery stores, and even a regular person.
To use the service, users only have to select the amount they wish to withdraw on the soCash mobile app then select a nearby 7-Eleven store to collect the cash.
The cashier will then scan the unique QR code on the mobile app, without the need for any ATM card or PIN code.
The service enables cash withdrawal for users of POSB, DBS, and Standard Chartered.
Founded by CEO Hari Sivan, soCash’s latest funding round is an undisclosed Series A from Vertex Ventures, which the company announced in October 2017.
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