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TheStreet Open House

Fastacash™, A Secure Global Social Payments Platform, Announces The Completion Of Series A Funding

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.  

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