19/11/2018 – CashCash, an app-based fintech startup in Indonesia has reportedly raised a multi-million dollar Series A funding led by Creation Partners Capital.
The round was also participated by Zhen Fund, Zero2IPO, and existing shareholder Rong360 which has previously invested in the startup’s Pre-A financing round with Plum Ventures.
With the freshly raised funds, CashCash plans to enhance its platform system while increasing traction and data accumulation by expanding into the credit card, banking, and insurance sectors.
Besides, part of the funding capital will also be used to prepare for market expansion into the Philippines, India, and Vietnam.
Launched in late 2017, CashCash is an app that recommends and distributes financial products. It curates more than 60 Indonesian online loan platforms, all which financial products and services are accessible. This allows it to serve as a comparison site for community members to provide comments on the financial products.
“Many platforms only care about the service during and after the loan, no one had paid attention to pre-lending services,” said Founder and CEO Lin Yi regarding the platform’s capability that focuses on the pre-lending stage.
To vet the fintech products featured in CashCash, the team performs a full beta testing before the product goes live to ensure that the loan process in said product is smooth and reliable. The platform also provides loan strategies to help local users to have a comprehensive understanding of financial products through its community.
To use the app, users need to upload credit information on CashCash to complete the whole application of loan repayment without having to submit loan applications in other platforms. At present, CashCash claims to have 600,000 to 700,000 monthly active users.
This news is published on Reuters.