Singapore neobank IN Financial Technology acquires 500 Global-backed MyCash

Singapore-headquartered community-driven neobank IN Financial Technology (INFT) has fully acquired MyCash, an international money transfer company focused on migrant workers.

The size of the deal has not been disclosed.

As per a press note, the deal will enable INFT to take advantage of MyCash’s consumer remittance business. At the same time, Singapore-based MyCash will expand geographically into other Asian markets, including Malaysia and Indonesia.

Post-deal, MyCash leadership will continue to work with IN Financial Technology. MyCash Founder and CEO Mehedi Hasan will retain his position while helping the neobank expand in emerging markets.

IN Financial Technology is a one-stop employer-to-employee fintech platform. It aims to empower micro and small businesses in Asia to transform their business banking processes from traditional to digital. Its solutions include an online business account, virtual debit card, spend management tools, and business cash line.

Also Read: MyCash raises funding from 500 Startups; to take its financial services platform for unbanked migrant workers into new markets

Started its operation in Singapore last year, IN Financial Technology has also established its operations in Malaysia and Indonesia. It has already secured a lending license in Malaysia and is in the process of securing an e-wallet license in Indonesia. It plans to extend its network to seven markets in Asia, including Vietnam, Thailand, Sri Lanka, Nepal, and Bangladesh.

“The expanded demand for cross-border B2B remittance will continue to drive further growth for both companies,” said Eldwin Wong, CEO and Founder of INFT Group. Last month, INFT said it was rolling out a buy now, pay later feature, called INFT BNPL, to help customers grow their businesses.

MyCash Founder and CEO Mehedi Hasan said the acquisition amplified the value of its offerings to its shareholders and stakeholders with the strategically-planned growth trajectory to strengthen its position further. “Additionally, INFT’s business banking platform will enhance MyCash’s efforts to drive expansion for its B2B and B2C remittance solutions.”

Mehedi said he is currently working on a new SME buy-now-pay-later business in Bangladesh.

Launched in 2016, MyCash provides a tailor-made platform for the unbanked migrant population. It enables migrants to purchase products and services online without using bank accounts, credit cards or prepaid cards. Its services include mobile top-up, internet recharging, online insurance, e-commerce payments, and cross-border remittance. Users can pay bills and buy bus tickets through MyCash.

In 2019, MyCash secured an undisclosed amount in financing from 500 Startups and Malaysian architect Ng Sek San. A year earlier, MyCash raised RM500,000 (US$120,000 then) through equity crowd-funding platform pitchIN. 

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