Malaysian fintech Soft Space scores $31.5m in latest funding

Soft Space
(Left to Right) Wong Chin Toh - Managing Director, Southern Capital; Nicholas Lim - Chief Technology Officer, Soft Space; Kenneth Tan - Managing Director & Managing Partner, Southern Capital and Joel Tay; Chief Executive Officer, Soft Space

Malaysia-based financial technology player Soft Space Sdn. Bhd. announced that it had raised US$31.5 million in its latest funding round.

The funding round was led by Southern Capital Group (SCG) Pte. Ltd and had participation from returning investor transcosmos Inc., strategic investor JCB, and venture capital fund Hibiscus Fund.

The funds raised will be used to fuel the company’s growth and expansion, as Soft Space seeks to expand its global footprint and customer base by accelerating the innovation of its full-stack payments platform and expanding into next-generation technological solutions.

Soft Space has seen significant growth in recent years, with revenue almost doubling in the last two years. Its full-stack payment services are now being used by over 70 financial institutions and partners in Japan, Europe, Oceania, and the Americas.

The additional capital from this funding round will enable Soft Space to continue its growth trajectory and achieve its goal of making payment acceptance accessible and affordable.

“We are pleased to have the support of Southern Capital Group and our other investors as we continue to expand our business,” said Joel Tay, Chief Executive Officer of Soft Space. “With this investment, we will be able to accelerate the development of our payments platform and bring new, innovative solutions to our customers.”

Soft Space, founded in 2012, simplifies the complexity of financial infrastructure and enables frictionless payments for customers in a simple and cost-effective manner. The company has won the investors’ confidence in its management, business, and technical acumen, and its ability to execute its strategies in today’s highly competitive Fintech industry.

“Soft Space has proven itself in the highly competitive payments sector and has led the way with a number of firsts in the industry, a credit to its market credibility and maturity of its technology solutions,” said Wong Chin Toh, Managing Director of Southern Capital. “We are pleased to be a part of this investment round and we look forward to working with the founders and our fellow investors to support Soft Space’s ambitions.”

Soft Space is the world’s leading SoftPOS player headquartered in Kuala Lumpur, Malaysia. With over 70 financial institutions and partners across 23 global markets adopting its payment solutions, Soft Space is supported by MDEC’s Global Acceleration and Innovative Network (GAIN) programme and received financial support through MIDA’s Domestic Investment Strategic Fund in 2022.

In 2018, Soft Space ranked 66th out of 1000 companies in Financial Times ‘FT 1000: High Growth Companies in Asia Pacific’s Special Report.