fastacash, a global platform that enables value transfers across social networks, has raised US$15 million in Series B funding. This happens to be one of the largest Series B till date from a Singapore-headquartered FinTech company. The funding was led by Rising Dragon Singapore and also included FinTech venture capital firms Life.SREDA, UVM 2 Venture Investments LP and existing investors.
The total funding raised by the company to date is now US$23.5 million. The company will use the new funds to help them with their international expansion including the US, the UK, Middle East and European markets. It will also try to grab the market share from the world’s largest inward remittance and domestic markets, such as India and other Southeast Asian markets. The World Bank estimates the 2015 international money transfer market at US$685 billion.
fastacash, along with its partners, target markets which have mobile phones which have limited access to financial services. The firm has partnered with banks, mobile operators, remittance companies, payment service providers, mobile wallets and other financial institutions to embed their mobile payment system to work with social networks. The firm enables value transfers, be it person-to-person or person-to-merchant, by leveraging social network channels and messaging platforms. In May 2015, the company partnered with Axis Bank, India’s third-largest private bank, which tapped fastacash’s payment technology to launch Ping Pay. Ping Pay is India's first bank-led multi-social payment app which allows users to do any money-related transaction across social platforms.
Vince Tallent, Chairman and CEO at fastacash said in a press release, “Our company was created out of the desire to eliminate consumer pain points associated with payments and money transfers, be it international or domestic. Our technology has made what was a cumbersome and often laborious process as easy as the swipe of a finger. We have an unwavering focus on simplifying the consumer payments experience. With Series B, we will scale fastacash’s business by accelerating consumer usage, delivering product innovation and expanding our global reach.”
fastacash was founded in 2012 by Shankar Narayanan and Michael Wee, and is led today by Vince Tallent (CEO), Shankar Narayanan (co-founder) and Peter Harkin (CFO). It is a completely channel agnostic, i.e., it allows the sender and the receiver to choose the channel. The company now has over 1 million registered users.
Eric Schaer, CEO at Rising Dragon Singapore said in a press release, “The global proliferation of social networks and the rise in mobile penetration presents tremendous opportunities, particularly across emerging markets. fastacash is leading the way with innovation that is making social payments a reality. We see tremendous potential in fastacash to transform the way consumers transfer money, airtime and other forms of value.”
Vladislav Solodkiy, Managing Partner at Life.SREDA said in the press release, "We see social and messaging channels starting to enable money transfers. At the same time, banks and financial institutions are also looking to evolve their payment services to meet the changing needs of consumers. By bringing payments together with social through partnerships, fastacash is uniquely positioned in the market. With its integrated innovation and open API, fastacash's technology can be rapidly deployed by banks, payment systems, telecom operators, remittance systems, social channels and retailers into their solutions. Consumers can conveniently share value with their contacts across different social networks and messaging apps. Through its agnostic partnership approach, fastacash is able to expand rapidly across geographies.