Singaporean neobank IN Financial Technology (INFT) has fully acquired MyCash Money, a money transfer company focused on migrant workers, for an undisclosed sum.
INFT is an end-to-end, employer to employee fintech platform that empowers micro and small businesses in Asia to transform their business banking processes from traditional to digital.
This includes online business accounts, virtual debit cards, spend management tools and business cash line.
With this acquisition, INFT will be able to leverage MyCash’s consumer remittance business while the latter will be able to to expand to other Asian markets, including Malaysia and Indonesia.
MyCash’s Chief Executive Office, Mehedi Hasan will retain his position while Kenneth Goh will join the group as Head of Payments to help the company grow its payment business.
Both entities will be working on setting up an SME Buy Now Pay Later business in Bangladesh.
INFT group started its operation in Singapore last year and has now established its operations in Malaysia and Indonesia.
The firm has secured a lending license in Malaysia and is in the process of acquiring an e-money license in Indonesia.
INFT plans to extend its network to seven countries that cover significant markets in Asia, including Vietnam, Thailand, Sri Lanka, Nepal, and Bangladesh.
It is also mulling an initial public offering in Singapore as soon as 2025 which could potentially could bump the firm’s valuation between US$500 million and US$1 billion.
“The expanded demand for cross-border business-to-business remittance will continue to drive further growth for both companies,”
said Eldwin Wong, CEO, and Founder of INFT Group.
Mehedi Hasan, Founder and Chief Executive Office of MyCash said,
“Additionally, INFT’s Business Banking Platform would enhance MyCash’s efforts to drive expansion for its Business-to-Business & Business-to-Customer remittance solutions.”
