Summary

Qashier, a Singapore-headquartered unified merchant operating system for Southeast Asia, has raised US$6.125 million in a Series A+ round (equity and debt) led by Cocoon Capital, IFP Securities, and BlackSoil Global. The company has been profitable every month since December 2025, processes US$1 billion in annualized payment volume for 20,000+ merchants across Singapore, Malaysia, Thailand, and the Philippines, and grew annualized recurring revenue 61% in 2025 — all on under US$20 million raised to date.

Key Facts

Why It Matters

Qashier's capital efficiency is rare in payments at its scale. Most comparable businesses burn heavily to acquire merchants; Qashier turned profitable on under $20M raised while processing $1B in volume. The company's thesis — that owning the end-to-end payments stack generates proprietary transaction data that powers lending, CRM, and marketing — mirrors the Square/Toast model adapted for Southeast Asia's fragmented SME market. QashierLoans, underwritten entirely on platform data and repaid automatically from daily sales, is the most concrete expression of this data moat.

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