Malaysian fintech Soft Space has secured an investment from GMO Financial Gate, Inc. (GMO-FG), a major player in Japan’s payment processing industry, for its pre-Series C funding round. Financial details of the investment were not revealed.
The collaboration aims to broaden the adoption of cashless payments across diverse sectors, including transportation, hospitality, and the extensive food and beverage industry.
By leveraging GMO-FG’s wide-reaching client network, Soft Space said that it is positioned to break new ground in markets traditionally dominated by cash transactions.
The initiative is expected to enhance the spending experience for international tourists by offering more convenient payment solutions.
The partnership has already seen positive outcomes, notably with the introduction of stera tap, which is reportedly Japan’s first MPoC-certified SoftPOS solution.
Stera is also an important component of the Sumitomo Mitsui Card Company’s (SMCC) efforts to support Japan’s shift towards cashless payments.
With Japan’s cashless transaction volume, approximately US$650 billion in 2020, on an upward trajectory, this strategic collaboration is a pivotal advancement towards achieving a cashless Japanese society.
Joel Tay, CEO of Soft Space said,
“I’m grateful for GMO-FG’s trust in us and excited to take our relationship to the next level. The synergy and mutual understanding we’ve developed through collaboration are invaluable.
Since achieving the world’s first MPoC Solution Provider certification on February 27th, 2024, our SoftPOS solution became a force in enabling cashless societies around the world. Our ability to deploy rapidly from Malaysia to Japan and beyond showcases our agility and market readiness.”
Kentaro Sugiyama, CEO of GMO-FG said,
“Since our collaboration began in 2018, Soft Space and GMO-FG have cultivated a strong relationship by integrating Soft Space’s SoftPOS services with GMO-FG’s payment network, with an initial focus on the transit segment.
Soft Space’s solutions are designed for swift market adoption, and we’re proud to have launched stera tap as Japan’s first MPoC-certified SoftPOS solution under the SMCC initiative. This capital alliance is a step towards deepening our collaboration and expanding Japan’s face-to-face cashless payment market.”
