Malaysian fintech company IIMMPACT announced that it has rasied US$2 million in seed funding from Sequoia India’s Surge, a rapid scale-up programme for startups in Southeast Asia and India.
IIMMPACT is Surge’s first startup founded and based in Malaysia and was a part of its sixth cohort of 20 companies.
The firm provides a turnkey solution for businesses who want to offer payment services to their customers.
Through its API solution, businesses can rapidly launch a digital marketplace to make payments to over 170 billers.
By tapping on IIMMPACT’s APIs, companies can add new products within days.
The solution also allows bill management for recurring payments and financial consolidation.
In 2020, IIMMPACT had pivoted its focus from being a loyalty app to a one-stop payments and data aggregation API.
According to IIMMPACT, it had processed over US$90 million in transactions in 2021.
“Despite the leaps we’ve seen towards the digital economy over the past few years, many developing markets in Southeast Asia are being held back – whether it is due to the lack of infrastructure, regulation or ease of access.
The good news is that businesses in Southeast Asia are amazingly receptive to new technologies – which is why IIMMPACT was created,”
said Alex Tan, CEO and Co-founder of IIMMPACT.
“Though our simple yet robust solution, companies have come to us, supercharged their digital journeys and found new opportunities for expansion.
We’re excited to accelerate our product development with the new funds, grow our team and venture into new products and services for our customers.”
said Kelvin Lee, CTO and Co-founder of IIMMPACT.
