MyCash, a fintech remittance startup has also signed an MoU with a Bangladeshi bank and is also currently in talks to raise US$3-5M in Series A to take its financial services platform for unbanked migrant workers into new markets especially in the Middle East.
MyCash CEO Mehedi Hasan Sumon (L) signs an MoU with Bangladesh’s Premier Bank
MyCash Online, a Singapore and Malaysia-based fintech startup
has secured an undisclosed amount in a new seed financing round from 500 Startups and Malaysian architect Ng Sek San. MyCash is a fintech startup, which aims to provide easy access to online financial services to the unbanked migrant workers across Asia.
The startup will use the investment to acquire remittance licenses in Malaysia and Singapore, according to Co-founder Mehedi Hasan Sumon. A portion of the capital will also be used to grow MyCash’s partnership network in Bangladesh, India, Indonesia, Nepal and the Philippines.
Incorporated in 2015 and launched in 2016, MyCash provides a tailor-made platform for the unbanked migrant population. It enables migrants to purchase products and services online without using any bank account, credit cards, or prepaid cards. The services include mobile top-up, internet recharging, online insurance, e-commerce payments, and cross-border remittance. Users can pay bills and buy bus tickets through MyCash.
Mehedi Hasan Sumon commented in an interview with Thailand Fintech
News “Since we started our operations 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. 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 per cent year-on-year growth.”
The startup is currently in talks with existing investors and a few regional VCs to raise between US$3 million and US$5 million in Series A round. This is mainly to grow its business in the Middle East, especially in the UAE and Saudi Arabia, both have a substantial migrant population.
The fintech startup is also planning to issue a prepaid card in all its existing markets for the migrant population, starting in early 2020.
Additionally, MyCash has signed an MoU with Bangladesh-based Premier Bank. This partnership aims to provide financial services to the Bangladeshi diaspora in Malaysia and Singapore.
Mehedi Hasan Sumon further added, “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. 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.”
In mid 2018, MyCash raised US$120,000 through equity crowd-funding platform pitchIN. The company is also planning to open its first office in Dubai sometime early 2020.