Japan’s GMO Financial Gate infuses capital into Soft Space

Malaysian fintech-as-a-service (FaaS) company Soft Space has announced an undisclosed investment from its long-standing partner and Japanese payment processing company GMO Financial Gate (GMO-FG).

This alliance, coming before Soft Space’s planned Series C funding round, aims to provide cashless payments across various industries in Japan, including transportation, hospitality, and the extensive food and beverage (F&B) sector.

Also Read: Malaysian fintech-as-a-service firm Soft Space closes US$31.5M Series B1 round

Japan has a US$650 billion cashless payment market.

Founded in 2012, Kuala Lumpur-headquartered Soft Space offers merchants and consumers solutions, such as contactless payment through mobile devices and white-label e-wallet services. It serves over 90 financial institutions and partners across 30 global markets.

Leveraging GMO-FG’s extensive client network, Soft Space looks to explore new opportunities in sectors traditionally reliant on cash transactions. With Japan being a prime destination for international tourists, this move towards cashless payments is anticipated to boost tourist spending.

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. This capital alliance is a step towards deepening our collaboration and expanding Japan’s face-to-face cashless payment market.”

Also Read: Japan’s JCB injects US$5M into Malaysian fintech firm Soft Space

In April last year, the Malaysian firm tannounced the completion of its Series B extension round at US$31.5 million, led by Southern Capital Group. Returning investor transcosmos, strategic investor JCB, and Hibiscus Fund (jointly managed by RHL Ventures and South Korea’s KB Investment) also participated.

—

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Japan’s GMO Financial Gate infuses capital into Soft Space appeared first on e27.