Vladislav Solodkiy, Managing Partner at Life.SREDA said, «Today messengers from all over the world are seising great opportunities to monetise their huge user bases by entering the remittances markets. However, licensing and partnering with banks take them too long. Regardless, even Facebook with its slow ability to integrate innovations also began developing the remittances market. It will be limited by the US territory for quite long, though. In the meantime, being an open API system for banks, payment systems, telecom operators and remittance systems, Fastacash connects with banks much faster. This makes it an appealing target for acquiring by messengers in the future. It’s also very convenient for the end-consumers to use their contacts from all the social networks and messengers brought together. This makes Fastacash a unique product for banks in their fight against the Internet giants».
Fastacash, a Singapore-based fintech startup, yesterday announced a $15 million Series B funding round by Life.SREDA VC, Rising Dragon, UOB Venture Investments, and others. The company previously raised $8.5 million.
Fastacash – an open API system that is integrated with social networks and messengers. It allows users to transfer the money to anyone in any messenger or social network just by using a person’s nickname. You simply chose someone from your contacts and send him the money. The system withdraws it from your bank account or card and transfers it to that person. Recently Fastacash integrated with Axis Bank – the second biggest bank in India (video). The company is managed by a very experienced and strong team: Vince Tallent, Peter Harkin, Vishesh Dhingra.