The payment system through social networks Fastacash raised $ 15 million in a round with the participation of the Life.SREDA foundation
The Russian venture fund Life.SREDA has invested in a Singapore-based FINTECH startup Fastacash . The project is a platform for payments through social networks. The startup received $ 15 million with the participation of the Life.SREDA Foundation in a round of V. Rising Dragon Singapore became the leader of the round. In addition, the investor made UVM 2 Venture Investments. In round A, $ 8.5 million was invested in the project.
The funds raised will be spent on expanding influence in the US, UK, India and Middle East markets.
CEO Vince Tollent told TechCrunch that Fastacash will be one of the first projects to make payments on social networks. He compared Fastacash with Mastercard and Visa , who also revolutionized the payment industry by offering credit and debit cards.
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Tollent explains that the new technology will allow users to transfer money to friends (and in the long run to retailers) through the platforms they use every day: Facebook Messenger , WhatsApp , Twitter , SMS, email and so on.
According to estimates of the general director of Fastacash, more than a million people use the application. Negotiations are underway on cooperation with 50 banks and other organizations from the sphere of remittances.
"Social" payments have already been implemented in some social networks and services. Facebook , Snapchat , Line , WeChat and Kakao Talk have developed their own solutions. However, the main difference between Fastacash is that it is not tied to any specific social networks. He is only an intermediary between social networks and banks.
According to a study by the Foundation Life.SREDA entitled “Money of the Future”, last year, projects at the junction of finance and information technology around the world attracted $ 6.8 billion. This is three times higher than in 2013 ($ 2.2 billion).
The funds raised will be spent on expanding influence in the US, UK, India and Middle East markets.
CEO Vince Tollent told TechCrunch that Fastacash will be one of the first projects to make payments on social networks. He compared Fastacash with Mastercard and Visa , who also revolutionized the payment industry by offering credit and debit cards.
')
Tollent explains that the new technology will allow users to transfer money to friends (and in the long run to retailers) through the platforms they use every day: Facebook Messenger , WhatsApp , Twitter , SMS, email and so on.
According to estimates of the general director of Fastacash, more than a million people use the application. Negotiations are underway on cooperation with 50 banks and other organizations from the sphere of remittances.
"Social" payments have already been implemented in some social networks and services. Facebook , Snapchat , Line , WeChat and Kakao Talk have developed their own solutions. However, the main difference between Fastacash is that it is not tied to any specific social networks. He is only an intermediary between social networks and banks.
According to a study by the Foundation Life.SREDA entitled “Money of the Future”, last year, projects at the junction of finance and information technology around the world attracted $ 6.8 billion. This is three times higher than in 2013 ($ 2.2 billion).
Source: https://habr.com/ru/post/292634/
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