Indonesia-based fintech startup CashCash has reportedly raised a multimillion dollar Series A funding round, which was led by Creation Partners Capital, joined by Zhen Fund, Zero2IPO, and former shareholder Rong360.
The company is planning to use the funding to improve the platform system while increasing traction and data accumulation by expanding into the credit card, banking, and insurance sectors. It is also planning to prepare expansion to other markets like the Philippines, India and Vietnam market.
Launched in late 2017, CashCash claims to have gathered more than 60 Indonesian online loan platforms. All are accessible for financial products and services comparison for the community to provide comments on the financial products.
The company says that 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. CashCash also provides loan strategies to help local users to have a comprehensive understanding of financial products through its community.
Currently, CashCash claimed to have 600,000 to 700,000 monthly active users. Prior to this funding round, the company had raised pre-Series A funding from Rong360 and Plum Ventures.