Soft Space Sdn. Bhd., a financial technology player, announced it has raised $31.5 million in its latest funding round.
Southern Capital Group (SCG) Pte. Ltd, led the investment round, “with participation from returning investor transcosmos Inc., strategic investor JCB (previously announced), and venture capital fund Hibiscus Fund, jointly managed by RHL Ventures and South Korea’s KB Investment.”
The funds raised “will be used to fuel the company’s continued growth and expansion.”
Joel Tay, Chief Executive Officer of Soft Space, said:
“Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next generation technological solutions.”
Soft Space has “shown strong growth in recent years with revenue almost doubling in the last 2 years.” Now, Soft Space’s full stack payment services is being “used by more than 70 financial institutions and partners in Japan, Europe, Oceania and Americas.”
Chris Leong, Chief Strategy Officer of Soft Space, said:
“With the closing of this round, we are restructuring Soft Space’s capital base to catapult the company towards high growth and strengthen our global market position, and we are confident that Soft Space will continue to attract global investors and further its ambition of creating impactful services for our clients.”
Wong Chin Toh, Managing Director of Southern Capital, said:
“Soft Space has proven itself in the highly competitive payments sector and has led the way with a number of firsts in the industry, a credit to its market credibility and maturity of its technology solutions. We are pleased to be a part of this investment round and we look forward to working with the founders and our fellow investors to support Soft Space’s ambitions”.
Founded in 2012, Soft Space’s goal is “to simplify the complexity of financial infrastructure and enable frictionless payments for customers in a simple and cost-effective manner.”
With the additional capital from this funding round, the company is “well positioned to continue its growth trajectory and achieve its goal of making payment acceptance accessible and affordable.”
These new investments demonstrate “how Soft Space, a Malaysia-based start-up, has won the investors’ confidence in its management, business and technical acumen and its ability to execute its strategies in today’s highly competitive Fintech industry.”