Fintech & Ecommerce

Soft Space Raises Largest Series B by Malaysian Startup

The Malaysian company SoftPOS Soft Space has attracted investment funds in the amount of $ 31.5 million following the results of the Series B1 financing round.

Soft Space Raises Largest Series B by Malaysian Startup

Source: motionarray.com

The company intends to use the funds raised to expand the scope of its activities at the international level. The firm also plans to use this financing to implement measures to attract new customers.

The Series B1 funding round was led by Southern Capital Group. The returning investor Transcosmos, the strategic investor JCB and the venture fund Hibiscus Fund also took part.

The result of the Malaysian company is a record in attracting investments in the framework of the Series B financing round in this country. The previous record figure was demonstrated by the drone manufacturer Aerodyne Group. In October 2019, this company managed to attract financing in the amount of $ 30 million.

Soft Space was founded in 2012. Currently, the company has more than 70 partners in Europe, America, Oceania, and Japan. Well-known clients of the firm are Maybank, CIMB, Hong Leong Bank, and Bank of New Zealand.

Currently, Soft Space is focused on the implementation of activities to expand multi-channel payments. The company is engaged in the implementation of artificial intelligence technology in the field of transactions, the development of solutions for making payments using a QR code, and the creation of electronic wallet systems and money lending schemes.

Chris Leong, Soft Space Strategy Director, says that after attracting additional funding, the company has the opportunity to restructure its capital base. According to him, these actions will accelerate the growth of the firm and strengthen its position in the global market.

Wong Chin Toh, Managing Director of Southern Capital, said that Soft Space has established itself as an active participant in the payments market, where there is a high level of competition, and has become one of the leaders of this industry, having managed to compete with major players at the initial stage of its existence. He also noted that the company’s current position in the market is the result of trust from customers and the maturity of its technological solutions.

As we have reported earlier, South Africa’s Peach Payments Raises $31 Million.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.