Singapore-based technology enabler in social payments has added five new partners globally in rapid expansion plans
4 June 2014, Singapore – fastacashTM, a Singapore-based global platform provider, today announced that it has completed an additional round of funding led by new investors Jagdish Chanrai, Principal of the Kewalram Chanrai Group and Golden Oriole Investments, together with participation from existing investors. fastacashTM will use the additional funds to accelerate product development and deployment. Prior to this, the company raised USD 4.5 million from its Seed & Series A round of funding led by Jungle Ventures, Spring SEEDS Capital, the investment arm of SPRING Singapore, and Hong Kong-based Funding the Future (FTF). This brings the total funding amount to USD 8.5 million.
fastacashTM has also developed five additional strategic partnerships since December 2013, expanding its global reach swiftly. The five new partners include SKRILL, a global online payment and money transfer company; OXIGEN, India’s largest payments service provider which currently offers an e-wallet for bill payments, mobile top-up, tickets and hotel bookings; MOBI.DENGI, a Russian payment service provider enabling bill payments and purchases across mobile; IMPERIAL BANK, a leading Kenyan bank; and TECHCOMBANK, one of the largest private banks in Vietnam.
“We are very pleased to share that over the past few months, we have progressed positively towards creating a fastacashTM network of global partners. Together with our partners, we are gaining a strong worldwide presence,” said Vince Tallent, Chairman and CEO, fastacash™. “The next few months will see fastacash™ position itself as a formidable player enabling social payments by creating a network of partners, all using a common platform to enable the transfer of value, with a fastalink, across any social network and messaging platform.”
Vince added, “The continued support from our existing investors as well as the additional capital from new investors will help support our growth from a product development and deployment perspective. In addition to deploying in the various markets, we will continue to focus on innovating and building out our product.”
The social payments industry is seeing explosive growth with Statista predicting that there will be an estimated 2.16 billion social network users worldwide, a 34.2% growth since 2012. The World Bank estimates worldwide remittance flows will reach over USD 700 billion in 2016. fastacash™, with its technology that enables secure payments that are agnostic to all social networks, is at the epicenter of this evolution of social payments.
The company plans to continue its aggressive expansion plans through partnerships in new markets. The focus is on bringing the solution to market with different partners and on acquiring consumers, with the ultimate goal to be a dominant player in the social payments industry.