SoCash turns shops into cheaper ATMs for banks

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.