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SoCash turns shops into cheaper ATMs for banks

Vertex-backed startup targets US$8 million Series B funding round by end-June

Claudia Chong

Claudia Chong

Published Tue, May 14, 2019 · 09:50 PM

    Singapore

    BANKS in Singapore spend about US$200 million a year on ATM maintenance, logistics, insurance, counting and cleaning cash, and a host of other expenses just to maintain circulation of physical cash, estimates Singapore startup SoCash.

    Helping banks to solve that multi-million dollar headache is the mission of SoCash, which is planning a US$8 million Series B fundraising round in a few weeks.

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