Singapore based, social payments platform, Fastacash has recently closed USD 3 Mn in Series A funding led by Jungle Ventures, SPRING SEEDS Capital, the investment arm of SPRING Singapore, and Hong Kong based Funding the Future (FTF).
Fastacash has developed a patent pending link generation technology which provides users a global payments platform that allows them to transfer value along with digital content through social networks and messaging platforms. The transferable value can be in the form of money, electronic coupons, airtime or other tokens of value.
To use Fastacash for transferring money one needs to create an account, fill in the details, select whom to send money from the friend list, add the amount and click send. Fastacash’s systems provides users with the details regarding the available exchange rate and the fees associated with the money transfer.
One can even add a photo, video, audio file and a message to personalize transactions.
The receiver on the other end receives notification via email or through the social website itself, and the funds are directly transferred into the bank account.
Currently it only allows peer to peer transactions.
‘We are looking to work closely with our partners from different industries to understand the respective consumer behavior and to offer the best use of the link generation technology, which will lead to an enhanced end consumer experience. Our vision is to create a global network by connecting our partners, where moving value can be simple, secure and done across multiple social networks and messaging platforms.’ said Vince Tallent, Chairman and CEO, Fastacash.
Amit Anand, Managing Partner, Jungle Ventures, said that the concept of transferring value through social networks is unique and represents a huge market potential given the increasing dominance of social platforms in people’s lives. ‘We are confident that Fastacash, with its experienced leadership team and innovative technology, is entering the market at the right time and poised for great success’ he added.
With the Series A funding, the company plans to focus on partnerships and global expansion.
The company had recently announced the launch of its services in the United Kingdom, partnering with UK based cross border remittance service provider VFX Financial PLC. It also plans to launch its services in Indonesia and Russia within a year, for which it has partnered with Indonesian payment service provider (PSP), Doku and international payments and money transfer system, UNISTREAM in Russia.
Fastacash was launched in 2012, previously it had raised USD 1.5 Mn in seed round led by Funding the Future (FTF).
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