MyCash launches crowdfunding campaign on pitchIN to raise US$1.2M

Singapore- and Malaysia-based fintech company MyCash Online has launched a campaign on equity crowdfunding (ECF) platform pitchIN to raise RM5 million (US$1.2 million).

The money is being raised to increase the company’s paid-up capital to RM5 million, which is mandatory to obtain an eMoney license in Malaysia.

The eMoney license will allow MyCash to operate a wallet for the migrant community. It is planning to offer a Visa prepaid card for them.

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“As Malaysia has a significant numbers of unbanked migrant workers, we believe that there will be a huge demand for our wallet and prepaid card. We will also add remittance services to our wallet. For this, we are signing a partnership with a local remittance giant. We are in the midst of getting necessary approval from the central bank of Malaysia,” Co-founder Mehedi Hasan Sumon told e27. 

Asked why MyCash is taking the ECF route to raise the money for paid-up capital, Sumon said the company’s successful track record of raising money through ECF previously and the positive feedback it received from the crowd prompted it to consider it.

“We want to give our previous backers an opportunity to support us to build MyCash together. We are also in talks with a few VCs,” he shared.

Since its raising of a funding round from 500 Startups last year, it lunched its remittance services in Singapore. Sumon said that the firm has already bagged more than 10,000 customers in the city-state.

“During the COVID-19 lockdown, we worked with the Ministry of Manpower and visited foreign workers’ dormitories to help them to send money home,” he added.

In January, MyCash is also opening a physical customer support centre in the Little India in Singapore.

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He also shared that over the past year, MyCash has grown from being just a mobile marketplace for migrants to a licensed financial institution. It is now fully licensed in Singapore and Australia.

The company now intends to apply for SandBox in Qatar with the help of Qatar Development Bank (QDB).

“We are also now in the middle of registering our entity in Qatar with the help of the Qatar Financial Centre and QDB. We are also part of QDB’s FinTech Accelerator. We hope to start our operations in Kingdom in early 2021 with the Sandbox approval from the Qatar Central Bank,” he concluded.

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Image Credit: MyCash

 

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