Malaysian FinTech Soft Space Raises $31.5 Million in Series B1 Funding

By Gloria Methri

Kuala Lumpur-based FinTech Soft Space has raised US$31.5 million in a Series B1 funding round led by Southern Capital Group. Returning investor Transcosmos Inc., strategic investor JCB and venture capital fund Hibiscus Fund, jointly managed by RHL Ventures and South Korea’s KB Investment, also participated in the round.

The funds raised will be used to drive the company’s continued growth and expansion.

“The new funds build on our strong momentum and will help expand our global footprint and expand our customer base by accelerating the innovation of our full-stack payments platform while expanding into next-generation technology solutions,” said Joel Tay, CEO of Soft Space.

Soft Space claims to have seen its revenue nearly double g in the past 2 years, with full-stack payment services used by more than 70 financial institutions and partners in Japan, Europe, Oceania and the Americas.

“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 the company will continue to attract global investors and continue its ambition to create efficient services for our customers ,” so Chris Leong, Chief Strategy Officer for Soft Space.

Founded in 2012, Soft Space aims to simplify the complexity of financial infrastructure and enable frictionless payments for customers in a simple and cost-effective way. With the additional capital from this funding round, the FinTech company aims to continue its growth trajectory and achieve its goal of making payment acceptance accessible and affordable.

Soft Space said the new investments demonstrate how the Malaysian startup has won investors’ trust in its management, business and technical acumen and ability to execute its strategies in today’s highly competitive FinTech industry.