PitchIN’s First ECF Exit with MyCash Online Gives its Investors 44.2% Returnsby Fintech News Malaysia October 17, 2019
A group of MyCash Online investors have recently accepted a buyout offer for their shares from VC company 500 Startups. The offer, which gave them 44.2% returns over two years since the ECF deal, was made alongside an investment by 500 Startups into MYCash Online.
MyCash Online is a fintech startup that provides an online marketplace for unbanked migrants to purchase products and services online without any bank account or credit card. Through the MyCash Platform, migrant workers can top up their mobile phone, pay utility bills, purchase e-commerce products, bus ticket, air ticket, gift voucher.
pitchIN CEO Sam Shafie said,
“pitchIN is very pleased to deliver its first meaningful exit to ECF investors. The nearly 45% returns that exiting ECF investors obtained represents excellent ROI over 2 years. Congratulations too, to MyCash Online on their recent funding and expansion into markets outside Malaysia. It is a mark of confidence for MyCash Online that the majority of ECF investors chose to not take up the offer and remain as shareholders”
Mehedi Hassan, MyCash Online CEO is pleased that his startup was able to realise gains for ECF investors.
“MyCash Online uses the funding raised during our ECF round in 2017 to expand nationwide and establish footholds in Singapore and Australia. Our solid growth since then has placed us in a position where we are now ready to take on the world, with the funding from 500 Startups. TO the ECF investors who have chosen to exit, I am pleased that we were able to keep our promise to deliver good ROI to investors. I assure the ECF investors who remain that we will work hard to deliver returns for them too in the future.”
pitchIN is an equity crowdfunding operator approved by the Securities Commission Malaysia, in 2018 pitchIN marked itself as the industry leader with 75% market share.
Featured image credit: MyCash Online