Deals: P2P mobile payments app Kashmi rakes in US$500k seed round

Kashmi, a Singapore- and Sri Lanka-based startup that facilitates peer-to-peer payments, announced today that it has locked in funding of S$700,000 (US$497,000).

The seed round, initially targetting S$600,000 (US$425,000), was oversubscribed. It was led by Akbar Group Sri Lanka and VAMM Ventures Dubai, with participation from angel investors and corporates from Singapore, Sri Lanka and Thailand.

“We are extremely pleased and honoured to have generated such interest and trust among our investors and well-wishers at this very early stage of our growth. We see this funding as a real vote of confidence from industry players and seasoned investors who share our vision for innovation and believe in the long term growth potential of our company,” said Rakhil Fernando, CEO of Kashmi.

Kashmi allows users to sign up using just their name, phone number and email address. This enables them to send or receive money to and from anyone, regardless of the users’ bank affiliations. Users top up their Kashmi accounts using their credit cards, debit cards or by wire transfer.

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