Although there has been a big push for a cashless society, cash is still far from obsolete in Singapore.
Launched in mid-2018, Singapore startup soCash converts small businesses like provision shops and cafes into ATMs, providing users with a more convenient way to obtain cash.
Users don’t even need a bank card or PIN number to perform this transaction!
Its technology plugs directly into the banks’ API, so you can simply place a cash order via the soCash app and select a nearby merchant to collect the cash from.
Beyond cash withdrawal, soCash allows bank customers to also perform other banking services such as loan applications at shops via its mobile app.
Its cash network platform now compromises of more than 1,400 locations, including retail chains like SPH Buzz, U Stars supermarket, iECON stores and 7-Eleven.
Expanding Network In SEA
Today (22 July), soCash announced that it has raised US$6 million in a Series B funding round, led by Glory Ltd (GLORY).
With this fresh injection of funds, soCash said it will expand its distribution network to improve the accessibility and convenience of banking services in Indonesia, Malaysia and Hong Kong.
It has already obtained the relevant regulatory clearances in these three markets, it added.
In line with the expansion, soCash is also expanding its team in all three markets. It is also looking at forming partnerships to further scale in the region.
“We started soCash to make cash circulation efficient; our platform has now evolved to become the only network that converts neighbourhood shops into “virtual branches”, said Hari Sivan, co-founder and CEO of soCash.
“With the emergence of virtual banks and open banking, our network is well-equipped to offer sales and distribution with flexibility and massive scale.”
Featured Image Credit: soCash