MyCash launched last year to provide financial services to the three million migrant workers in Malaysia, 90% of whom do not have bank accounts.
It functions as an online marketplace for phone credit, bill payment, and transit tickets.
It facilitated 280,000 financial transactions for 65,000 customers in its first year.The Malaysian fintech startup raised the round via pitchIN, an equity crowdfunding platform.
Kuala Lumpur-based Cradle Fund and Hong Kong-based JC Management backed MyCash’s round, which closed within 24 hours.
MyCash is the first fintech firm to raise equity capital through such a service, which is growing as a fundraising tool for Malaysian startups.