fastacash raises USD 15 mln in Series B funding to accelerate global expansion

Rising Dragon Singapore has led the Series B round, which also included fintech venture capital firms Life, SREDA, UVM 2 Venture Investments LP, and existing investors. This takes total funding for fastacash to USD 23.5 million.

fastacash will continue to expand its global reach, through partnerships, by tapping into new markets, including US, UK, Europe and the Middle East, to serve the migrant populations who are active on social channels. It will also build its foothold in the world’s largest inward remittance and domestic markets, such as India and other Southeast Asian markets.

Together with its partners, fastacash addresses the ever-increasing global population of mobile users that have limited access to financial services. fastacash works with banks, mobile operators, remittance companies, payment service providers, mobile wallets and other financial institutions to enable value transfers, be it peer-to-peer or person-to-merchant, by leveraging social network channels and messaging platforms.

fastacash was founded in 2012, and has services in India, Indonesia, Russia, Singapore and Vietnam. Through its partners, fastacash has acquired over one million end-users. The World Bank estimates the 2015 international money transfer market at USD 685 billion. Domestic money transfers are estimated to be of similar scale. Global remittance flows are expected to accelerate 4.1% in 2016, compared to the 0.9% CAGR in the fiscal year 2013-14.

In 2012 fastacash raised USD 1.5 million seed funding led by Hong Kong’s Funding the Future (FTF Ltd). In 2013, it raised USD 3 million in Series A funding from Singapore-based Jungle Ventures, Spring SEEDS Capital, the investment arm of SPRING Singapore, and from Hong Kong-based Funding the Future (FTF Ltd). And, in 2014, the company went on to raise an additional USD 4 million in an extended Series A round, led by Jagdish Chanrai, a Principal of the Kewalram Chanrai Group, and Golden Oriole Investments.