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Singapore’s Qashier Bags $10 Million in Series A to Expand Payment Solutions in Southeast Asia

August 30, 2023
Marketing in Asia
5 mins read

Singapore’s fintech startup Qashier has successfully raised $10 million in a Series A funding round. The round was co-led by Delivery Hero Ventures and IFP Securities, with additional contributions from Antler Elevate and Cocoon Capital.

Key Highlights:

  • Qashier secures $10 million in Series A funding.
  • The startup aims to expand geographically and enhance its product offerings.
  • Southeast Asia’s POS terminal market is expected to double by 2028 to $7.7 billion.

Founded in 2019 by Franklin Zhao Liang and Christopher Choo, Qashier offers businesses a simplified point-of-sale (POS) system. This system allows clients to manage inventory and staff more efficiently, process payments, and enable contactless QR transactions. The company recently launched an app that provides a free POS and payment solution.

Since its inception, Qashier has served over 6,000 businesses across Southeast Asia and processed more than $1 billion in transactions. The new funding will be used to bolster its operations in existing markets like Malaysia, Thailand, and the Philippines, as well as to explore new geographical territories.

The timing for expansion seems apt, given the projected growth of the POS terminal market in Southeast Asia. According to data from Mordor Intelligence, the market size is expected to double by 2028, reaching a staggering $7.7 billion. This presents a lucrative opportunity for Qashier and other players like Fazz, which secured $100 million in a Series C round last year.

The Series A funding brings Qashier’s total capital raised to $15.7 million, following previous rounds that included a seed funding of $860,000 and an early-stage investment of $4.7 million.