Singapore based fintech startup soCash announced that it has raised S$400,000 from a cohort of global angel investors. It plans to use the funds to accelerate product development and expand its network to 1000 ‘cashpoints’ in the nation.
SoCash brings consumers the convenience of access to cash. Its technology makes it possible to withdraw cash at minimarts and grocery shops, instead of queuing up at ATMs. The transaction can be done securely via mobile banking apps of major banks. The company is currently deploying its smartphone application, connecting small shops into a scalable network for cash withdrawals and eventually plans to become the last mile for banking services and ecommerce. The team’s priority is to work with banks to take cash distribution beyond ATMs.
Mrs. Rekha Hari, Managing Director of soCash says,
Contrary to the prevalent narrative, data from central banks shows that cash usage is growing globally. In singapore, demand for cash is growing at 9%. This consumer preference poses an expensive challenge for banks to meet this increase in demand for cash. soCash’s platform is a superior digital alternative for efficient access to cash.
In the official statements, company explains that this has impressed leading banks in Asia & USA who are at various stages of engagement with soCash to integrate the software into their digital banking platforms.
The main goal of the startup is to make cash accessible to everyone. It views cash as an integral part of the payments ecosystem which will never fully embrace a 100% cashless society. As it explains, that most residential apartments already have a thriving ecosystem of minimarts and grocery shops, but no bank presence. Via its platform, one can request for cash and a merchant from the user’s vicinity will provide him the money, or a person can choose to be a ‘cashpoint’ wherein he himself can act as a merchant and earn a little extra as well.