MyCash Online, a Malaysian fintech startup, says it’s reached the target of its equity crowdfunding campaign within just 24 hours.
The app serves foreign workers in Malaysia, letting them reload phone credit, pay bills, buy bus tickets, and more. It says it plans to expand into innovative remittances and banking services but is still seeking regulatory approval for those.
MyCash’s campaign went live at the beginning of June and was fully taken up the next day with a total of US$300,000 (£234,944) raised, according to a statement by Cradle. That’s the Malaysian government-backed fund which was the lead investor in the round. Together with co-investor JC Management, it took on roughly US$280,470 (£219,545) of the deal, while other investors contributed the rest.