Social payments start-up Kashmi is ready to launch with new seed funding

Kashmi has come out swinging from Startupbootcamp Fintech Singapore's accelerator, reports Tech in Asia

Peer-to-peer (P2P) payments start-up Kashmi has secured S$700,000 ($497,000) in seed funding, it announced today.

The start-up allows users to send and receive money regardless of which bank they’re using, and to split payments between groups. They can top up their mobile e-wallet using credit and debit cards or even wire transfer, and can sign up to the app with just a name and a phone number or email address. Having soft-launched earlier this year, the app will include social features like chat and a sharing feed, payment tracking, and merchant payments once it’s available next month.

The start-up enters a busy space, particularly in Singapore where both start-ups and larger companies are looking into P2P payments. Fastacash enables payments within apps like WhatsApp and Facebook, and has worked on premier Singapore bank DBS’ mobile payments app Paylah. Singaporean telco SingTel, in collaboration with Standard Chartered, has its own similar offering called Dash. The list goes on.
 

 

Kashmi’s team is spread across Sri Lanka and Singapore.
 

The funding was led by Akbar Group Sri Lanka and VAMM Ventures, a Dubai-based venture capital firm that invests in early and seed stage companies. It was joined by a number of angel investors and corporates from Singapore, Sri Lanka, and Thailand. Kashmi will use the funds to continue working on its product, expand its reach in Southeast Asia, and beef up its sales and marketing resources in order to grow faster.
 

Kashmi was one of the startups that graduated from Startupbootcamp Fintech Singapore’s 2015 class. It also completed the Turn8 accelerator program in Dubai. 

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This is an excerpt from Tech in Asia. You can read the full article here.