M’sian B2B fintech startup raises US$31.5mil in Series B1 funding to expand global footprint

Soft Space Sdn Bhd (Soft Space), a Malaysian B2B fintech company, announced today that its recently closed Series B1 funding has raised US$31.5 million in investments. 

The funding round was led by Southern Capital Group (SCG) Pte. Ltd, with participation from returning investors, such as Japanese companies transcosmos inc and JCB. 

This was joined by Hibiscus Fund, a venture capital fund jointly managed by RHL Ventures and South Korea’s KB Investment. 

According to its press release, the funds raised will be used to fuel Soft Space’s continuous growth and expansion. 

“Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next-generation technological solutions,” said Joel Tay, Chief Executive Officer of Soft Space.

Certified by major card schemes like EMVCo and PCI DSS, the company’s fintech is secured and recognised globally.

“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,” said Chris Leong, Chief Strategy Officer of Soft Space.

“We are confident that Soft Space will continue to attract global investors and further its ambition of creating impactful services for our clients.” 

Founded in 2012, Soft Space aims to simplify financial infrastructures and enable frictionless payments for customers in a simple yet cost-effective manner.

The company is known as one of the leading fintech players in the ASEAN region. Its technology is being adopted by over 70 financial institutions and partners in Japan, Europe, Oceania, and the Americas. 

Some of their more notable clients include Maybank, CIMB, Hong Leong Bank, and Bank of New Zealand.

The company is currently focusing on expanding into omnichannel payments, including the adoption of artificial intelligence, QR code payments, e-wallet systems, and money lending schemes. 

Soft Space states that with this additional capital, it’s well-positioned to continue its growth trajectory and achieve its goal of making payment acceptance accessible and affordable.

• Read more about Soft Space here.
• Read more stories about other Malaysian startups we’ve written here.

Featured Image Credit: (Left to Right) Wong Chin Toh (Managing Director of Southern Capital), Nicholas Lim (Chief Technology Officer of Soft Space), Kenneth Tan (Managing Director & Managing Partner of Southern Capital) & Joel Tay (Chief Executive Officer of Soft Space) / Soft Space