Vertex Ventures SEA Portfolio Nium to acquire alternative payments platform SoCash
Our portfolio, Nium will be acquiring alternative payments platform SoCash, another company in our Vertex Ventures Southeast Asia and India portfolio.
Founded in 2015, SoCash enables customers to deposit, withdraw and make payments with cash from more than 30,000 local shops, cafes and grocery stores in Singapore, Malaysia and Indonesia, turning them into cash withdrawal points that are a cheaper alternative to bank ATMs.
The acquisition, expected to be completed in the third quarter of 2022, will provide Nium with the ability to accept physical payment methods for e-commerce.
Nium co-founder and chief operating officer (COO) Pratik Gandhi said SoCash is estimated to save up to 30 per cent in commissions paid, compared to current in-app payment costs.
“With this acquisition, Nium can offer a lower-cost payment processing alternative for digital merchants, spanning local payment acceptance through to global payouts,” he added.