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Singapore payment platform Fastacash secures $4m

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Singapore-based payment platform Fastacash has secured a $4 million Series B round of funding from Jagdish Chanrai, principal of Kewalram Chanria Group, and Golden Oriole Investments.

Existing investors also participated. The site previously raised $4.5 million seed and Series A round from Jungle Ventures, Spring Seeds Capital and Hong Kong-based Funding the Future (FTF).

Founded in 2012, Fastacash is a platform through which individual can transfer money and digital content such as photos and videos through social networks and messaging platforms.

Since the end of last year, it has formed partnerships with online payment and money transfer companies Skrill, Oxigen and Mobi.Dengi, Kenyan Imperial Bank and Vietnamese private bank Techcombank.

The new capital will be used to support expansion into new markets and for product innovation.

The number of global social network users will reach 2.16 billion in 2016, up 34.2% on the 2012 figure, according to a Statista report cited by Fastacash. The World Bank estimates global remittance flows will reach over $700 billion in 2016.

Kewalram Chanrai Group operates family-owned businesses across various industries including supply chain management, textiles, real estate, agriculture, engineering, healthcare and environmental solutions.

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