Singapore-headquartered fintech company fastacash has secured US$15 million in Series B funding from international investors, bringing its total funding to US$23.5 million.
The Series B round was led by Rising Dragon Singapore, and saw the participation of Life.SREDA, UVM 2 Venture Investments LP, and existing investors.
fastacash addresses the increasing global population of mobile users who have limited access to financial services. It works with banks, mobile operators, remittance companies, payment service providers, mobile wallets and other financial institutions to enable consumers to make payments to friends or merchants via social media platforms. For instance, it partnered India's Axis Bank to launch a co-branded app called Ping Pay in May this year. The app enables users to send or ask for money and mobile recharge across Facebook, WhatsApp, Twitter, SMS or e-mail.
According to fastacash, the fresh funds will be used to develop innovations in social payments and expand its global reach to the USA, UK, Europe and the Middle East through partnerships. The company also aims to build its foothold in the world's largest inward remittance and domestic markets, such as India and other Southeast Asian markets.
"Series B will help scale fastacash's business by accelerating consumer usage, delivering product innovation and expanding our global reach," said Vince Tallent, the company's Chairman and CEO.
"The global proliferation of social networks, and the rise in mobile penetration, present tremendous opportunities – particularly across emerging markets – for fastacash to transform the way consumers transfer money, airtime and other forms of value," said Eric Schaer, CEO of Rising Dragon Singapore.