Fintech startup soCash raises Series A investment from Vertex Ventures

Singapore-based fintech startup soCash has raised an undisclosed amount in a Series A round of funding from Singapore state investment firm Temasek Holdings venture capital arm, Vertex Ventures.

The investment will be used to scale the startup’s operations and to expand its team, soCash said in an announcement on Tuesday.

“Vertex’s extensive network and proven expertise in working with its portfolio companies to scale their businesses will no doubt prove invaluable to us as we embark on the next phase of soCash’s growth,” said Hari Sivan, CEO & Founder of soCash.

soCash provides digital cash management platforms for banks, enabling users to withdraw cash outside of ATMs from participating merchants.

Aimed at creating the largest cash network in the world powered by mobile devices, the startup’s goal is to convert every shop and customer into a virtual cash distribution network starting in Asia. The company is also the first recipient of the Monetary Authority of Singapore’s FTSI Grant under the Proof of Concept scheme.

“Modeled after the sharing economy, soCash is the new digital cash circulation platform that eliminates costs for banks and retailers while providing convenience to consumers,” said Joo Hock Chua, Managing Partner at Vertex Ventures SE Asia & India.

The payment landscape in Asia remains dominated by cash although there are several initiatives underway and in the offing to move towards a cashless society.

Vertex Ventures, which has backed ride-hailing unicorn Grab and luxury fashion e-Commerce platform Reebonz, closed its third Southeast Asian fund last month at $210 million, marking the first time the VC firm raised money from outside investors. The previous two Southeast Asia-focused funds had been fully funded by Temasek.

With cumulative committed capital in excess of $2.5 billion, Vertex invests in early-stage IT and healthcare opportunities in China, Silicon Valley, India, Israel, and Southeast Asia. Other companies it has backed in the past include Waze, 91 Wireless, IGG, CyberArk, SolarEdge, Force10, FirstCry, Yatra and Changba.

Also Read:

Singapore: Vertex Ventures co-leads $12m Series B in Israel’s Kryon Systems

Vertex Ventures raises biggest fund for Southeast Asia, India tech deals at $210m

Singapore: Temasek leads $25m investment in Israel’s Integra Holdings

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.