The fintech startup MyCash Online raises funds to expand its financial services into new markets.
MyCash Online is a fintech startup offering easy, secure and convenient services to Malaysia’s massive pools of migrants in Malaysia and Singapore. It is designed to help foreign workers who do not have access to online banking or credit cards.
The fintech startup is said to secure an undisclosed amount in its recent financing round led by Ng Sek San, a Malaysian architect. The round was also participated by 500 startups.
According to Mehedi Hasan Sumon, cofounder of MyCash Online, the startup is planning to use the funds to get remittance licenses in Malaysia and Singapore in line with their plans on taking the service into new markets.
“Since we started our operation in April 2016, we have already performed more than 2.5 million transactions worth about US$30 million. During this time, we served around 100,000 unique migrant workers in Malaysia, Singapore and Australia,” Sumon stated.
“Currently, MyCash, on an average, performs 70,000 transactions per month, which is worth more than US$3.5 million. Last year, we achieved more than 200 percent year-on-year growth,” he added.
The fintech startup has also signed a Memorandum of Understanding Premier Bank, a Bangladeshi bank which also aims to provide financial services to the Bangladeshi diaspora in Malaysia and Singapore.
“More than 10 million Bangladeshi expatriates are living in other parts of the world, and they together send over US$15.5 billion every year to their home country. Most of these people don’t have a bank account in Bangladesh,” said Sumon.
In addition to the partnership with Premier Bank, Sumon said, “Premier Bank wants to change this and provide banking and other financial services to this population. That’s the main goal of the partnership. We hope this will bring financial inclusion to this unbanked migrants population.”