fastacash™, a Secure Global Social Payments Platform, Announces the Completion
of Series A Funding
SINGAPORE and LAS VEGAS, October 7, 2013
SINGAPORE and LAS VEGAS, October 7, 2013 /PRNewswire/ --
Singapore-based technology company showcases its platform and announces its
launch plans for Europe and Asia at Money2020 in Las Vegas
fastacash™, a Singapore-based technology company, today announced the
completion of its Series A funding of USD 3 million with investors Jungle
Ventures , SPRING SEEDS Capital , the investment arm of SPRING Singapore, and
Hong Kong-based Funding the Future (FTF). Prior to this, the company raised
USD 1.5 million in 2012 during the seed round led by Funding the Future (FTF).
fastacash™ will also be showcasing its new global social payments platform
today at Money2020, an annual event held in Las Vegas, Nevada for emerging
payments and financial services.
According to a recent eMarketer report " Worldwide Social Network Users: 2013
Forecast and Comparative Estimates " , there will be 1.73 billion users of
social networks in 2013 and by 2017, the global social network audience will
total 2.55 billion. Driven by the rise in social media and smartphone usage,
the Alternative ePayment* market is expected to grow at a CAGR of 13% by 2015,
according to a WorldPay whitepaper.
Leveraging the increasing adoption of alternative ePayment and marketing
methods by companies and consumers, fastacash™ has developed a patent pending
link generation technology that allows individuals or companies to transfer
value, along with digital content (photos, videos or audio messages), through
social networks and messaging platforms, enabling secure and cost-effective
transactions domestically and internationally. The transferrable value can be
in the form of money, electronic coupons, airtime or other tokens of value.
With security at the core of the company, the links generated come with
multiple layers of built-in security measures, including limited one-time use,
specified expiration date and password protection.
"We are offering a new way of transferring value with just a secure link.
People or companies can now share stories, photos and experiences when sending
value. Every action of sharing is accompanied by an emotional sentiment," said
Vince Tallent, Chairman and CEO, fastacash™.
He added, "Our solution is adaptable across multiple platforms. We are looking
to work closely with our partners from different industries to understand the
respective consumer behavior and to offer the best use of the link generation
technology, which will lead to an enhanced end consumer experience. Our vision
is to create a global network by connecting our partners, where moving value
can be simple, secure and done across multiple social networks and messaging
As the technology enabler who provides the know-how and expertise, fastacash™
will work with companies, including banks, remittance service providers,
mobile operators, social networks, gaming companies and consumer brands, to
integrate their solutioninto their partners' existing or new systems.
With the completion of Series A funding, fastacash™ will focus on partnerships
and the expansion of its global footprint. "The concept of transferring value
through social networks is unique and represents huge market potential given
the increasing dominance of social platforms in people's lives. The fastacash™
technology is going to change how people transfer value and we are confident
that fastacash™, with its experienced leadership team and innovative
technology, is entering the market at the right time and poised for great
success," said Amit Anand, Managing Partner, Jungle Ventures, a venture firm
focused on supporting startups that showcase strong technology and innovation
capabilities across Asia Pacific.
At Money2020, fastacash™ also announced the official launch of its services in
the United Kingdom. Partnering with UK-based cross-border remittance service
provider VFX Financial PLC , fastacash™ will enable cross-border remittance
services from the UK to Kenya under its own brand name. With fastacash™,
people in the UK can send money to M-Pesa account holders or any bank account
holders in Kenya across social networks in a cost-effective and convenient
fastacash™ plans to launch in Indonesia and Russia within the year. It has
partnered with Indonesian payment service provider (PSP), Doku, a pioneer in
the electronic payments industry offering one-stop Internet payment services.
In Russia, its partner is international payments and money transfer system,
*Alternative ePayment refers to payment methods that are used as an
alternative to credit card payments, such as real-time bank transfer,
offline credit transfer, direct debits, eWallets, paper-based payments and
Incorporated in Singapore in 2012, fastacash™ provides a global payments
platform which allows users to transfer value (money, airtime, other tokens of
value, etc.) along with digital content (photos, videos, audio, messages)
through social networks and messaging platforms, enabling secure and
cost-effective transactions domestically and internationally. As a technology
enabler, fastacash™ partners with companies and brands in the payments,
remittance, consumer products, social and gaming industries to bring its
technology to end users.
Visit http://www.fastacash.com for more information.
About Jungle Ventures
Jungle Ventures is a Singapore-based, entrepreneur backed venture firm that
funds and helps startups scale across Asia Pacific.
We work hand in hand with entrepreneurs through our advisors and principals
who are founders and operating execs and uniquely help founders with the
information and resources they need to grow their ideas.
Recent investments include travelmob (acquired by HomeAway, NASDAQ: AWAY),
ebus (acquired by IMD Group), Mobikon Technologies, Taggo and Zipdial.
About SPRING SEEDS Capital (SSC)
SPRING SEEDS Capital, an investment arm of SPRING Singapore, co-invests with
independent investors into commercially viable Singapore-based start-ups with
innovative and strong intellectual content that are scalable across
international markets. It currently manages three funds under its portfolio -
SPRING Start-up Enterprise Development Scheme (SPRING SEEDS), Business Angel
Scheme (BAS) and the Biomedical Sciences Accelerator (BSA).
For more information on our funding programs, please visit
Media Contact: Radhika Angara Chief Marketing Officer Email:
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