Qashier raises US$6.125M Series A+ to expand in Malaysia and three more markets
Singapore-headquartered Qashier raised US$6.125M (RM25M) in a Series A+ led by Cocoon Capital to expand across Malaysia, Singapore, Thailand and the Philippines.
Qashier, the Singapore-headquartered merchant operating system that runs its Malaysian business through Qashier Sdn. Bhd. in Mid Valley City, Kuala Lumpur, has closed a US$6.125 million (about RM25 million) Series A+ round, announced on 30 June 2026. The financing mixes equity and debt and was led by Singapore venture firm Cocoon Capital, alongside IFP Securities and BlackSoil Global, with strategic angel investors. Proceeds fund expansion across Malaysia, Singapore, Thailand and the Philippines.
The deal
Qashier describes the round as a Series A+ financing comprising both equity and debt. Valuation and the equity-debt split were not disclosed. It is a continuation rather than a fresh start: Qashier closed a US$10 million Series A in August 2023 co-led by Delivery Hero Ventures and IFP Securities, with Antler Elevate, Cocoon Capital, HCVC and Exor Ventures also in, and says it has raised under US$20 million to date. At Bank Negara Malaysia's 26 October reference rate of 4.0841, this round is worth roughly RM25 million.
The capital goes to omnichannel payments, broader embedded financial services, and AI-enabled insights and workflow automation, plus a push into larger multi-outlet operators in food and beverage and beauty and wellness. The operating numbers behind the raise: US$1 billion (about RM4.08 billion) in annualised payment volume, more than 20,000 merchants across the four markets, 61% growth in annualised recurring revenue during 2025, and a profitable month every month since December 2025. Qashier secured a Major Payment Institution licence in Singapore in February 2025.
Why this matters
Two things stand out. The first is the capital base. Qashier reached US$1 billion in annualised payment volume and monthly profitability on under US$20 million raised — a far leaner profile than most payments businesses carry at that scale, and the reason a US$6.125 million round is being presented as a growth round rather than a rescue. For investors, a Series A+ priced on that efficiency is a materially different proposition from the Series A+ that usually signals a company has outrun its funding.
The second is Malaysia. Qashier Sdn. Bhd. is a locally registered entity, not a branch office, and Malaysia is one of four core markets where the company runs point-of-sale, payment acceptance and now credit. QashierLoans, launched in June 2025 and underwritten entirely on Qashier's own transaction data with automatic repayment from daily sales, has disbursed more than US$10 million (about RM41 million) to over 100 SMEs. That is embedded finance running on real Malaysian merchant behaviour, not a pilot programme.
The competitive read is where Malaysian investors should be careful. Qashier is going after the multi-merchant, multi-market operator. The single-outlet owner who wants one integrated system, or the merchant who needs one workflow fixed, is a different buyer — one more often served by a scoped internal build than by a regional platform roll-out. The Selangor custom software track and the AI agency track cover that narrower lane. Qashier's own product direction points the same way: its QashierGM assistant, launched in Singapore on 23 October 2026 at no extra cost to Qashier merchants, rolls out in Malaysia in November, alongside the Crew team chat, with Gmail and Google Business Profile connectors also due in November.
What's next
Three things to watch. First, the Series B: Qashier says it is preparing one, with milestones expected in recurring revenue, payment licensing and loan disbursements — which makes the next twelve months the proving period for the numbers used to justify this round. Second, whether the Malaysia loan book keeps scaling past the 100-odd SMEs QashierLoans has funded so far, since that is the metric the proprietary-data argument rests on. Third, the merchant count: Qashier said it was serving more than 25,000 businesses across the region by October, up from more than 20,000 at the time of the raise, and the multi-outlet push into food and beverage and beauty and wellness is where contract values should move.
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