Kashmi raises seed round, will close off at US$532K
By Digital News Asia December 16, 2015
- Social media-boosted P2P mobile payments app launched in Jan
- Funds to be used for product innovation and regional expansion
SINGAPORE and Sri Lankan peer-to-peer payments startup Kashmi said it has secured S$700,000 (about US$500,000) in a seed round being led by Akbar Group Sri Lanka and VAMM Ventures Dubai, with additional participation by angel investors and corporates from Singapore, Sri Lanka and Thailand.
In a statement, Kashmi said it initially targeted a seed round of S$600,000, but due to “substantial interest,” accommodated additional investors up to the value of S$700,000 and will close off the seed round at S$750,000 (US$532,000).
READ ALSO: Kashmi goes the social path for bill-splitting between friends
Kashmi is a peer-to-peer mobile payments application that gives users the ability to bring social interactions into their payments ecosystem, thereby allowing them to communicate, make plans and pay in real-time within the application, the company said.
Unlike similar apps, Kashmi allows users to sign up by providing just their name, phone number and email address, which means users can exchange money with anyone, regardless of which bank they belong to, it said. It also allows users to add funds into their e-wallet using their credit card.
The company’s website is currently down pending a revamp, but the app is available for the Android and iOS platforms.
Building on the momentum gained from its participation in Startupbootcamp FinTech accelerator programme and its soft launch in January, Kashmi said it will use this seed financing to accelerate product innovation and growth, expand local and regional reach, invest in additional sales and marketing resources, and continue to evaluate strategic growth opportunities.
“We see this funding as a real vote of confidence from industry players and seasoned investors who share our vision for innovation and believe in the long term growth potential of our company,” said chief executive officer Rakhil Fernando (pic).
“This funding will be used to build on an already exciting product and expand our capacities to allow for enhanced customer outreach and service,” he added.
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