Malaysia: Fintech startup Soft Space bags Series B funding from Sumitomo Mitsui

Fintech startup Soft Space Sdn. Bhd. on Monday announced it has closed a Series B investment by a subsidiary of Japan’s Sumitomo Mitsui Financial Group (SMFG). The quantum of investment was not disclosed.

The investment by Sumitomo Mitsui Card Company (SMCC), which has previously backed US-based fintech firms Square and Stripe, is not only its first in a Southeast Asian fintech firm but also its first deal outside of Japan and the US.

Founded in March 2012, Soft Space is a digital payments company that offers mobile point-of-sales solutions.

“This alliance allows Soft Space to, among other things, deliver customizable payment system applications; provide cost-effective EMV Smart Card Readers for SMFG and its affiliates, and collaborate with SMCC to explore the possibilities of using Soft Space’s white label solutions,” a Soft Space statement said.

Soft Space also plans to use the Series B funding round as momentum for future funding opportunities to diversify and boost its global reach into new markets, it added.

Soft Space and SMCC had signed a cooperation agreement in early 2017 to enable the fintech startup to gain access to the Japanese market.

“SMCC has been around for over 50 years and with this partnership in place, we will work together to build a more sustainable SMCC business model for the next 5 decades,” said Ken Kubo, President of Sumitomo Mitsui Card Company. “Moving forward, we will collaborate with Soft Space and create market-driven solutions that will boost both our businesses to new heights.”

“Soft Space is one of Malaysia’s leading FinTech companies and a strong partner of the Malaysia Digital Economy Corporation’s (MDEC) initiatives. We foresee many potential growth opportunities stemming from their innovative solution and business model,” said Dato’ Ng Wan Peng, COO of MDEC.

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.