Malaysia-based fintech startup MyCash Online raised up to $303,990 (RM1.3 million) through the national crowdfunding platform pitchIN, led by the government startup influencer Cradle Fund Sdn Bhd (Cradle).
Cradle led the 24-hour equity crowdfunding (ECF) campaign round recently through their co-investment exercise along with a Hong Kong based co-investor.
MyCash is also the first fintech company to raise investments on pitchIN. Cradle and co-investor JC Management took up RM1.2M, while other investors snapped up the remaining RM100,000.
Launched in April 2016, MyCash operates a platform that offers online purchasing services to foreign workers, where they can reload phone credit, pay bills, buy bus tickets, among others. Seeking to become a “virtual bank for the unbanked”, MyCash is bent on getting regulatory approval to build and operate innovative remittances and banking services for the same target market.
MyCash CEO Mehedi Hasan Sumon said, the successful crowdfunding campaign validates the potential of the unbanked market. “To date, we have served 65,000 unbanked customers and carried out more than 280,000 transactions worth RM4.3 million,” Sumon said.
In two separate developments in the startup space in Southeast Asia, fintech company MyCash raised over $300K in its crowdfunding campaign, while 12 teams won in the IdeaSpace 2017 startup acceleration programme in the Philippines.