There will be an estimated 1.73 Bn users of social networks in 2013 which will rise to 2.55 Bn 2017 according to a report by eMarketer. To leverage this market, Fastacash is providing a platform that enables value transfer to be attached to meta data and sent through any social network and any messaging channel. The channel can be Facebook, skype, whattsapp or any other messaging channel.
Fastacash was founded in 2012 with Vince Tallent (CEO), Shankar Narayan (Co-founder) and Peter Harkin (CFO). The Singapore-based technology company, has completed a Series A funding of $3 Mn from investors Jungle Ventures, SPRING SEEDS Capital, the investment arm of SPRING Singapore, and Hong Kong-based Funding the Future. The company had already raised $1.5 Mn in a seed round led by Funding the Future.
Fastacash is a completely channel agnostic i.e it allows the sender and the reciever to choose the channel.
Some features of Fastacash:
The aim of the application is to enable value transfers between end users and to end users. The value can be in terms of money, airtime, coupons, tokens and meta data being defined as a video, a file transfer or a marketing message.
Peer to peer money transfer is enabled through social media such as Facebook, twitter etc. It has both the ask functionality(ask for funds) and the spend functionality.
A pincode provides an added layer of protection. Fastacash provides the ability to bundle metadata with the money that is being transferred. It thus enables customizable, fast to link money transfer combined with meta data like video’s , photos etc. This helps to create a truly social experience.
This is very useful in digital marketing where the meta data is combined with digital content for e.g the cash transfer. This service can be useful for prepaid credit cards, for gaming companies who want to move digital goods etc.
The transfer is initiated through a link sent to the end users. So the end users are able to make the transaction with or without the Fastacash application.
The link takes the customer on to a web application, onboards them into a digital environment and helps them transact.
The company says that Fastacash is easy to use and secure. It allows anyone who wants to move value together with meta data across any social channel, any messaging channel with the sender and the receiver having the choice of the channel to communicate.
"We are offering a new way of transferring value with just a secure link. People or companies can now share stories, photos and experiences when sending value. Every action of sharing is accompanied by an emotional sentiment," said CEO of Fastacash, Vince Tallent. "Our solution is adaptable across multiple platforms. We are looking to work closely with our partners from different industries to understand the respective consumer behavior and to offer the best use of the link generation technology, which will lead to an enhanced end consumer experience. Our vision is to create a global network by connecting our partners, where moving value can be simple, secure and done across multiple social networks and messaging platforms” he added.
“The concept of transferring value through social networks is unique and represents a huge market potential given the increasing dominance of social platforms in people’s lives. We are confident that Fastacash, with its experienced leadership team and innovative technology, is entering the market at the right time and poised for great success” said Amit Anand, Managing Partner, Jungle Ventures.
Fastacash is different and unique because of its partnerships with banks, PSP’s, remittance companies, gaming companies etc. Fastacash recently announced the partnernership with UK based cross border remittance service provider VFX financial to enable cross border remittances from UK to Kenya. Fastacash plans to launch in Indonesia and Russia within the year. It has partnered with Indonesian payment service provider (PSP), Doku, a pioneer in the electronic payments industry offering one-stop Internet payment services. In Russia, its partner is international payments and money transfer system, UNISTREAM.