Singapore payment platform Fastacash raises Series B round

Two other new investors - financial technology-focused VC firms Life.SREDA and UVM 2 Venture Investments - and some existing investors also participated. It takes the company's total funding to $23.5 million.

Founded in 2012, Fastacash is a platform through which individuals can transfer money and digital content such as photos and videos through networks and messaging platforms. The service is available in India, Indonesia, Russia, Singapore and Vietnam. Over the past few months, it has formed partnerships with India's Axis Bank, Visa Europe and DBS Bank. Other partnerships include money transfer companies DOKU, Mobi.Dengi, Oxigen Wallet and Vietnamese private bank Techcombank.

Fastacash received a $1.5million seed round led by Hong Kong-based Funding the Future (FTF) in 2012. One year after, it raised $3 million in Series A funding from Jungle Ventures, Spring Seeds Capital and FTF. Last year, the company raised an additional $4 million in an extended Series A round, led by Jagdish Chanrai, a principal of the Kewalram Chanrai Group, and Golden Oriole Investments.

Fastacash plans to use the fresh capital to continually develop social payments technology and expand partnerships in the key send markets, including the US, UK, Europe and the Middle East. It will also strengthen its market positions in inward remittance markets, such as India and other Southeast Asian countries.

"The global proliferation of social networks, and the rise in mobile penetration presents tremendous opportunities, particularly across emerging markets. fastacash is leading the way with innovation that is making social payments a reality. We see tremendous potential in fastacash to transform the way consumers transfer money, airtime and other forms of value," Eric Schaer, CEO at Rising Dragon Singapore, said in a statement.

The World Bank estimates the global money transfer market will reach $685 million this year. Domestic money transfers are expected to be of a similar scale. Global remittance flows are projected to increase 4.1% in 2016, compared to the 0.9% Compound annual growth rate between 2013 and 2014.

Rising Asia Singapore targets investments in the areas of technology, e-payments, real estate and mining across Singapore, Japan, Myanmar and Vietnam.

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