Singapore-based Qashier has raised US$6.125 million in a Series A+ round, giving the merchant operating system startup fresh capital to expand across Southeast Asia after reaching profitability and crossing US$1 billion in annualised payment volume.
The round comprises equity and debt and was led by Cocoon Capital, IFP Securities, and BlackSoil Global, with participation from strategic angel investors.
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Qashier did not disclose its valuation or the split between equity and debt.
The company said it now serves more than 20,000 merchants across Singapore, Malaysia, Thailand, and the Philippines. It claims to have been profitable every month since December 2025 and grew annualised recurring revenue by 61 per cent in 2025.
To date, Qashier has raised under US$20 million, a relatively lean capital base for a payments and merchant software business operating across multiple regulated markets.
The latest financing will be used to deepen Qashier’s omnichannel payments capabilities, expand embedded financial services, and build AI-enabled insights and workflow automation for merchants.
The company is also preparing for a future Series B round, with milestones expected around recurring revenue, payment licensing, and loan disbursements.
A fragmented market with a large prize
Qashier is targeting one of Southeast Asia’s most persistent SME problems: small merchants are digitising, but often through a messy stack of disconnected tools.
A restaurant, salon, clinic, or retail chain may use one provider for point-of-sale software, another for card acceptance, a third for QR payments, a separate inventory tool, a loyalty system, and a bank or non-bank lender for working capital. This fragmentation raises operating costs and makes it harder for business owners to get a consolidated view of sales, customers, stock, and cash flow.
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The opportunity is large. Southeast Asia has more than 70 million SMEs, which account for the vast majority of enterprises in ASEAN and employ a significant share of the region’s workforce. The region’s digital payments market is already estimated to exceed US$1 trillion, supported by the rapid adoption of QR payments, e-wallets, online ordering, and real-time bank transfer rails.
Yet the market remains uneven. Singapore is highly card- and QR-enabled, Malaysia has seen strong DuitNow QR adoption, Thailand has built one of the region’s most successful real-time payment rails through PromptPay, while the Philippines is still pushing wider digital payment acceptance among smaller merchants. For companies such as Qashier, the challenge is not just building software but stitching together local payment methods, compliance requirements, settlement flows, and merchant workflows in each market.
Qashier’s pitch is to bring these functions into one system. Its platform combines payments, point-of-sale tools, inventory management, ordering, customer relationship management, loyalty, automated marketing, and embedded financial services. The company says it supports more than 50 integrated modules and over 20 regional payment methods, including cards, QR payments, e-wallets, and buy-now-pay-later options.
Crucially, Qashier owns its end-to-end payments stack, including know-your-customer processes, processing, payouts, and cross-border settlement. In February 2025, it secured a Major Payment Institution licence in Singapore, strengthening its regulatory footing in its home market.
From POS software to lending
The company’s move into lending could become one of its more important growth levers.
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In June 2025, Qashier launched QashierLoans, a revenue-based financing product underwritten using proprietary transaction data from its platform. Repayments are automatically deducted from a merchant’s daily sales, a model designed to reduce friction for SMEs with variable cash flows.
The product has disbursed more than US$10 million to over 100 SMEs since launch. While still small relative to the scale of Southeast Asia’s SME financing gap, it gives Qashier a path beyond software subscription and payment processing revenue.
For many merchant platforms in Southeast Asia, embedded finance is the logical next step. Transaction data can provide a clearer picture of business health than traditional SME financial statements, which are often incomplete or outdated. Companies that control checkout, sales, and settlement flows can use that data to assess working-capital needs and repayment capacity more quickly than banks.
Christopher Choo, co-founder and CEO of Qashier, said the company is trying to build core infrastructure for regional SMEs while staying disciplined on costs.
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“Merchants should not have to stitch together five vendors to run one business. By bringing payments, software, financial services and customer engagement into a single ecosystem, we give them clarity, lower costs and the confidence to scale across markets,” he said.
Competition is getting sharper
Qashier is operating in a crowded and increasingly competitive space. In Singapore and Malaysia, HitPay provides payment acceptance and commerce tools for SMEs. StoreHub, which has a strong base in Malaysia and other regional markets, offers POS, QR ordering, loyalty, and payments for restaurants and retailers.
Xendit and Fazz focus more heavily on payments infrastructure and financial services, while players such as Pine Labs, Stripe, Adyen, Grab, and traditional bank acquirers compete across various layers of the merchant payments stack.
The battle is not only about payment acceptance fees. Merchant platforms are racing to become the system of record for SMEs. Whoever owns the transaction layer can cross-sell software, financing, payroll, loyalty, procurement, and analytics. This is why profitability matters: many fintechs in the region expanded aggressively during the low-interest-rate years, only to face pressure to cut burn and prove unit economics after funding conditions tightened.
Qashier’s claim of monthly profitability since December 2025 therefore gives it a stronger story than the usual growth-at-all-costs narrative. Still, the next phase will be more difficult. Serving larger, multi-outlet businesses in food and beverage, beauty, and wellness requires deeper workflows, stronger reliability, better reporting, and tighter integrations with accounting, delivery, and enterprise systems.
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Cocoon Capital, an early backer of Qashier, framed the latest round as a continuation of a long-term bet. Michael Blakey of the VC firm said the team had shown “resilience and ingenuity” while building towards becoming operating infrastructure for commerce in Southeast Asia.
For Qashier, the funding comes at a point when Southeast Asian merchants are more willing to digitise but also more selective about the tools they pay for. Profitability gives the company breathing room. The bigger test is whether it can convert its payments volume and merchant data into a defensible regional platform before better-funded rivals close the gap.
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