A player in financial technology (FinTech) with a Malaysian base, Soft Space Sdn. Bhd. announced that it had raised $31.5 million in its most recent funding round.
In addition to returning investor transcosmos Inc., strategic investor JCB (previously announced), and venture capital fund Hibiscus Fund, jointly managed by RHL Ventures and South Korea’s KB Investment, participated in the funding round, according to a statement from Soft Space.
The money raised, per the statement, will be put to use to support the company’s ongoing development and growth.
The company is well-positioned to continue growing and realize its objective of making payment acceptance accessible and affordable with the additional funding from this funding round.
These new investments show how Soft Space has gained the confidence of investors in its management, business, and technical acumen, as well as its ability to carry out its strategies in the highly competitive FinTech sector of today.
“Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next-generation technological solutions,” said Joel Tay, Chief Executive Officer of Soft Space.
Since its establishment in 2012, Soft Space has streamlined the complexity of the financial infrastructure and developed value-added features for companies to boost their business expansion.
The Global Acceleration and Innovative Network (GAIN) program of the Malaysia Digital Economy Corporation (MDEC) provides support for the company, and in 2022 it also received funding from MIDA’s Domestic Investment Strategic Fund.
“With the closing of this round, we are restructuring Soft Space’s capital base to catapult the company towards high growth and strengthen our global market position, and we are confident that Soft Space will continue to attract global investors and further its ambition of creating impactful services for our clients,” said Chris Leong, Chief Strategy Officer of Soft Space.
With revenue almost doubling in the last two years, Soft Space has experienced rapid growth in recent years.
More than 70 financial institutions and partners are currently using Soft Space’s full-stack payment services across 23 international markets, including Japan, Europe, Oceania, and the Americas.