Just two months after graduating from the Startupbootcamp FinTech accelerator, Singapore-based money transfer app TOAST has announced that it recently raised US$850,000 in seed funding.
The round was led by Aetius Capital and involved Transferwise investors, ACE & Company. According to TOAST's founder Aaron Siwoku, the funds will be used to "prepare the app for its launch [in the Google Play store] in November."
TOAST is an app that allows users to securely send money abroad without the need to physically queue at remittance agencies by leveraging computer-aided know-your-customer and risk screening tools. The app can be loaded with money via local bank transfer, pre-paid scratch cards at TOAST's retail unit in Lucky Plaza, Singapore, or through Nets Flashpay cards at TOAST's self-service machines.
"TOAST's solution will disrupt the traditional remittance industry by offering Filipino migrant workers a cheaper and more user-friendly solution," said Steven Tong, Managing director of Startupbootcamp FinTech. "This puts them in a strong position for expansion in the large and growing Asian remittance market, in which the Philippines is the 3rd largest remittance recipient globally, receiving more than US$28 billion in 2014."
After the Singapore launch, TOAST plans to open up additional remittance corridors to countries like Malaysia, Indonesia, India, Bangladesh, Thailand, Nepal and Myanmar.
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