soCash, the Singapore-based fintech firm that aims to make ATM redundant, has announced an angel funding round worth $600K. A slew of undisclosed angel investors that include veteran bankers and technologists came together to fuel the capital into the startup.
soCash will be seen focussing on its sales team to engage with more banking networks as it seeks to expand vigorously in the regional markets. The total funding raised by the firm prior to this round amounts to $925K. Having raised $400K in seed funding earlier, it is now gearing up for an institutional round.
Also, the company will focus on acceleration of product development and pump up the current cash offerings, such as withdrawals, deposits, invoice payments and conversion.
The startup has disrupted the fintech industry by bringing consumers the convenience of access to cash. Its technology enables them 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 has been 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 e-commerce. Not only this, soCash is the only fintech startup which has been backed by funds from the Monetary Authority to Singapore (MAS).
Hari Sivan, Co-founder, and CEO of soCash was quoted saying,
In the digital era, banks recognise that ATMs are an expensive channel when circulation of cash can be managed more efficiently on soCash. The funds will allow us to onboard the sales team that can close the deals faster and accelerate our bank network growth to gain transaction share across markets.
