Singapore startup set to launch soCash app, making shops and cafes into ATMs

calendar iconSep 5, 2019

A startup in Singapore has raised $6 million for a new app that would allow users to withdraw money from bank accounts over-the-counter at participating stores instead of Automatic Teller Machines (ATMs).

For mobile phone owners this could be very convenient. In many European countries, consumers can already withdraw cash in supermarkets with their debit cards. This app for mobile phones could be the next step to make cash ubiquitously available.

Excerpt from Nikkei Asia Review

The $6 million came in July from Glory, a top Japanese maker of cash-handling machines, as well as from other parties. Founder and CEO Hari Sivan said soCash hopes to receive support from Glory when it takes its business to Japan.

In Singapore, the company has enlisted 1,400 convenience stores and other retailers to offer the service. Once a user makes it to the closest partner shop, receiving cash is a QR code scan away.

Since launching the service in March 2018, soCash has attracted some 120,000 users in Singapore, which has a population of 5.6 million. The service is used more than 200,000 times per month.

The company plans to soon enter Indonesia and Malaysia. It also plans to expand the services available via the app to small-lot loans and local currency withdrawals for tourists.

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Last Updated: Sep 5, 2019