Soft Space Closes Series B With US$31.5 Million Fundraise

Malaysian digital payments technology provider Soft Space announced that it has secured US$31.5 million in its latest Series B1 funding round.

This is an extension of Soft Space’s Series B funding round where the firm had raised an undisclosed sum from Sumitomo Mitsui Card Company (SMCC) in 2019.

The fundraise was led by Southern Capital Group (SCG) and joined by existing investors, transcosmos, Japanese credit card company JCB as well as venture capital fund Hibiscus Fund which is jointly managed by RHL Ventures and South Korea’s KB Investment.

Soft Space had already made a prior announcement in January 2022 that JCB had invested US$5 million in it.

The company said that it will be using the funds to fuel its continued growth by widening its customer base and pushing its global expansion plans.

According to Soft Space, its revenue has almost doubled in the last 2 years and its full stack payment services is being used by more than 70 financial institutions and partners in Japan, Europe, Oceania and Americas.

“Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next generation technological solutions,”

said Joel Tay, Chief Executive Officer of Soft Space.

“With the closing of this round, we are restructuring Soft Space’s capital base to catapult the company towards high growth and strengthen our global market position, and we are confident that Soft Space will continue to attract global investors and further its ambition of creating impactful services for our clients.”

said Chris Leong, Chief Strategy Officer of Soft Space.