Singapore-based neobank IN Financial Technology (INFT) has acquired MyCash, a cross-border money transfer company focused on unbanked migrant workers. The value of the deal was undisclosed.
INFT said the acquisition will give it access to MyCash’s consumer remittance business and also help Singapore-based MyCash to expand into countries like Malaysia and Indonesia.
Founded in 2020, INFT offers banking services to small businesses in Asia such as spend management tools, business cash lines, and virtual debit cards. Last month it also launched a Buy Now Pay Later Service (BNPL).
It started operations in Singapore and has since expanded to Malaysia, where it has secured a lending licence, and Indonesia, where it has an e-wallet licence. INFT also plans to expand into Vietnam, Thailand, Sri Lanka, Nepal, and Bangladesh.
The company also hopes to go public in Singapore by 2025.
Mehedi Hasan, who founded MyCash in 2016 and is its chief executive, said in statement that joining INFT will “enhance MyCash’s efforts to drive expansion for its business-to-business and business-to-customer remittance solutions.”
Hasan is also setting up a buy-now-pay-later company in Bangladesh targeted at small businesses.
MyCash’s leadership, including Hasan, will continue in their roles after the acquisition. The company is backed by 500 Startups.
Fintech was the top sector that attracted investors in 2021, according to the SE Asia Deal Review: Q4 2021 report by DealStreetAsia DATA VANTAGE. Startups in the sector amassed over $5 billion from 301 deals last year.
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