The app serves foreign workers in Malaysia, letting them reload phone credit, pay bills, buy bus tickets, and more. It says it plans to expand into innovative remittances and banking services but is still seeking regulatory approval for those.
MyCash’s campaign went live at the beginning of June and was fully taken up the next day with a total of US$300,000 raised, according to a statement by Cradle. That’s the Malaysian government-backed fund which was the lead investor in the round. Together with co-investor JC Management, it took on roughly US$280,470 of the deal, while other investors contributed the rest.
A total of 19 entities contributed to the funding, according to pitchIN‘s website, where the campaign was carried out. The site started in 2012 with rewards-based crowdfunding. It introduced the equity model in 2016 and claims to have facilitated nine deals to date.
MyCash says it’s the first fintech firm to successfully raise funds through equity crowdfunding in Malaysia.
Since launching the business in 2016, CEO Mehedi Hasan Sumon says in the statement, MyCash Online has served 65,000 unbanked customers and carried out more than 280,000 transactions worth RM4.3 million. That’s a bit over US$1 million.
Converted from Malaysian Ringgit. Rate: US$1 = RM 4.28.