IN Financial Technology (INFT), a Singapore-based community-driven neobank, has completed the acquisition of MyCash, an international money transfer firm focused on migrant workers. The value of the transaction has not been disclosed.
According to a press release, the agreement will allow INFT to benefit from MyCash’s consumer remittance operation. Simultaneously, MyCash, established in Singapore, will grow geographically into other Asian regions, including Malaysia and Indonesia. Following the transaction, MyCash’s leadership will continue to collaborate with IN Financial Technology. Mehedi Hasan, the founder and CEO of MyCash, will remain in his role while assisting the neobank’s expansion into emerging markets.
IN Financial Technology is a one-stop shop for employer-to-employee fintech. It intends to help micro and small enterprises in Asia transition from traditional to digital business banking operations. Its products and services range from online business accounts, virtual debit cards, spend control tools, not to mention a business cash line.
IN Financial Technology began operations in Singapore last year and has since expanded to Malaysia and Indonesia. It has previously obtained a lending licence in Malaysia and is currently pursuing an e-wallet licence in Indonesia. It intends to expand into seven Asian markets, including Bangladesh, Nepal, Sri Lanka, Thailand, and Vietnam. INFT announced last month that it was launching a purchase now, pay later tool dubbed INFT BNPL to help clients develop their businesses.
MyCash Founder and CEO Mehedi Hasan stated that the purchase increased the value of the company’s products to its shareholders and stakeholders, and that the company’s strategically planned growth trajectory will help it enhance its position even more. In addition, INFT’s business banking platform will support MyCash’s attempts to expand its B2B and B2C remittance products.
Mehedi stated that he is now working on a new Bangladesh SME buy-now-pay-later enterprise. MyCash, which was launched in 2016, provides a tailored platform for the unbanked migrant community. It allows migrants to buy goods and services online without the need of bank accounts, prepaid cards, or credit cards. MyCash allows users to pay bills and purchase bus tickets.
MyCash raised an unknown amount of funding in 2019 from Malaysian architect Ng Sek San and 500 startups. MyCash earned RM500,000 (US$120,000 at the time) through equity crowd-funding platform pitchIN a year ago.