Singapore-based fintech startup SoCash raised US$6 million in a series B round led by Japanese money-handling systems developer and manufacturer Glory.
SC Ventures, the investments unit of Standard Chartered Bank, and fund network Vertex Ventures also participated in the round.
SoCash allows customers to withdraw cash from small stores by plugging into banks’ mobile apps and partnering with local merchants.
With the new investment, it will expand its distribution network to improve the accessibility of banking services in Indonesia, Malaysia, and Hong Kong. The company has already acquired relevant regulatory clearances and is now focused on building teams in all three markets.
The startup, which launched mid-2018, recently added Industrial and Commercial Bank of China to its list of partner banks in Singapore, joining Standard Chartered, DBS Bank, and POSB Bank. It also claims to have more than 1,400 shops around Singapore in its cash network platform.
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