SoftPay Mobile International, a mobile point-of-sale (mPOS) startup has secured $1 million in Series A round of funding led by Singapore-based venture capital, Life.Sreda along with another investor whose name has not been disclosed.
Founded in early this year, SoftPay Mobile International is a startup that offers mPOS reader that allows businesses to accept and process credit and debit card payments, somewhat like US startup Square. It also provides software tools for merchants. Though the startup is registered in Singapore, it currently functions in Vietnam. In Vietnam, the startup works with companies like Mai Linh Taxi and many other smaller businesses.
With the fresh funds, the SoftPay plans to strengthen the team to boost its expansion to other Southeast Asian countries. It is planning to set its foot in Singapore, Malaysia and Indonesia in the near future and to fuel it, it’s in talk with many financial institutions. Christopher Low, CEO and co-founder of SoftPay Mobile said, “This funding will allow SoftPay Mobile to accelerate our vision to be the number one mobile payment company in Southeast Asia. We will be using the funds for expansion into other Southeast Asian countries and conduct hiring of strategic talents.”
In a statement, “mPOs is a necessary sector in any fintech ecosystem. Between mPOS companies in the region, SoftPay Mobile has one of the most experienced teams. They have already built and launched great products and proven that they can effectively acquire and keep small and big merchants,” said Igor Pesin, Life.Sreda partner and investment director.