Just two months after graduating from the Startupbootcamp FinTech accelerator, Singapore-based money transfer app TOAST has announced that it recently raised US$850,000 in seed funding.
The round was led by Aetius Capital and involved Transferwise investors, ACE & Company. According to TOAST's founder Aaron Siwoku, the funds will be used to "prepare the app for its launch [in the Google Play store] in November."
TOAST is an app that allows users to securely send money abroad without the need to physically queue at remittance agencies by leveraging computer-aided know-your-customer and risk screening tools. The app can be loaded with money via local bank transfer, pre-paid scratch cards at TOAST's retail unit in Lucky Plaza, Singapore, or through Nets Flashpay cards at TOAST's self-service machines.
"TOAST's solution will disrupt the traditional remittance industry by offering Filipino migrant workers a cheaper and more user-friendly solution," said Steven Tong, Managing director of Startupbootcamp FinTech. "This puts them in a strong position for expansion in the large and growing Asian remittance market, in which the Philippines is the 3rd largest remittance recipient globally, receiving more than US$28 billion in 2014."
After the Singapore launch, TOAST plans to open up additional remittance corridors to countries like Malaysia, Indonesia, India, Bangladesh, Thailand, Nepal and Myanmar.
Sign up for MIS Asia eNewsletters.