Singapore based on-demand ATM provider SoCash has raised an undisclosed funding round led by Temasek affiliate Vertex Ventures.
Banks can benefit from this because it provides an alternative to growing their ATM networks, which are expensive to maintain. It also helps store owners because they get a fee for each transaction, argues SoCash. Typical clients are retail chains and convenience stores, CEO and founder Hari Sivan tells Tech in Asia. The firm launched last year so it’s still in the early days of traction, but one of the clients that Sivan can name is Standard Chartered Bank Singapore, for which the startup has added “400 additional cash points” on the island.