(L-R) Southern Capital MD Wong Chin Toh, Soft Space CTO Nicholas Lim, Southern Capital MD Kenneth Tan, and Soft Space CEO Joel Tay
Soft Space, a fintech-as-a-service company in Malaysia, has completed its Series B extension round at US$31.5 million led by Southern Capital Group.
Returning investor transcosmos, strategic investor JCB, and Hibiscus Fund (jointly managed by RHL Ventures and South Korea’s KB Investment) also participated.
“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,” said Soft Space CEO Joel Tay.
“Our company is in a unique position in the global fintech industry, serving global giants from Malaysia and expanding our services into new markets by still basing ourselves in SEA. We are already in many markets for example in Australia, Europe, the Americas and Japan. As we are strategically invested by our Japanese investors, we would like to partner with them in countries where they find value,” said Chris Leong, Chief Strategy Officer of Soft Space.
Also Read: Japan’s JCB injects US$5M into Malaysian fintech firm Soft Space
Founded in 2012, Soft Space simplifies the complexity of financial infrastructure and creates value-added features for businesses to expand their business growth. The startup claims over 70 financial institutions and partners across 23 global markets are adopting its payment solutions, including in Japan, Europe, Oceania, and Americas.
The Kuala Lumpur-headquartered firm claims its revenue almost doubled in the last two years.
It is also supported by MDEC’s Global Acceleration and Innovative Network (GAIN) programme and received financial support through MIDA’s Domestic Investment Strategic Fund in 2022.
In January last year, the fintech company announced a strategic partnership with Japan’s international payment brand JCB Co. As part of that deal, JCB injected US$5 million into Soft Space.
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