Fastacash, a global platform enabling value transfers across social, has raised US$15 million in Series B funding from international investors, one of the largest Series B till date from a Singapore-headquartered fintech company.
Rising Dragon Singapore has led the Series B round, which also included fintech venture capital firm - Life.SREDA, UVM 2 Venture Investments LP, and existing investors. This takes total funding for fastacash to US$23.5 million.
fastacash will continue to lead with innovation in social payments and expand its global reach, through partnerships, by tapping into the world’s largest send markets. It will also build its foothold in the world’s largest inward remittance and domestic markets, such as India and other Southeast Asian markets.
Together with its partners, fastacash addresses the ever-increasing global population of mobile users that have limited access to financial services. fastacash works with banks, mobile operators, remittance companies, payment service providers, mobile wallets and other financial institutions to enable value transfers, be it peer-to-peer or person-to-merchant, by leveraging social network channels and messaging platforms.
Vince Tallent, Chairman and CEO, fastacash said, “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, and has services in India, Indonesia, Russia, Singapore and Vietnam.
Through its partners, fastacash has acquired over one million end-users and continues to demonstrate strong growth. The World Bank estimates the 2015 international money transfer market at US$685 billion.
