Photo: Joel Tay, Chief Executive Officer of Soft Space

Kuala Lumpur-based FinTech Soft Space has raised $31.5 million in a Series B1 funding round led by Southern Capital Group. Also taking part in the round were returning investor Transcosmos Inc., strategic investor JCB, and venture capital fund Hibiscus Fund, jointly managed by RHL Ventures and South Korea’s KB Investment.

The funds raised will be used to fuel the company’s continued growth and expansion.

“Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next-generation technological solutions,” said Joel Tay, Chief Executive Officer of Soft Space.

Soft Space claims to have seen its revenue almost double in the last 2 years, with its full-stack payment services being used by more than 70 financial institutions and partners in Japan, Europe, Oceania, and the Americas.

“With the closing of this round, we are restructuring Soft Space’s capital base to catapult the company towards high growth and strengthen our global market position, and we are confident that the company will continue to attract global investors and further its ambition of creating impactful services for our clients,” said Chris Leong, Chief Strategy Officer of Soft Space.

Founded in 2012, Soft Space aims to simplify the complexity of financial infrastructure and enable frictionless payments for customers in a simple and cost-effective manner. With the additional capital from this funding round, the FinTech company aims to continue its growth trajectory and achieve its goal of making payment acceptance accessible and affordable.

Soft Space said the new investments demonstrate how the Malaysian start-up 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.