Qashier co-founders
Qashier, a smart point-of-sale (POS) system provider, has announced a US$4.7 million fundraise from Exor Seeds, the venture arm of European conglomerate Exor.
The funding comes a year after Qashier’s US$900,000 financing round from Cocoon Capital and San Francisco-based Hardware Club.
The fresh capital will help Qashier to expand its presence to Malaysia. It also has plans to enter other parts of Southeast Asia in the future.
In addition, it will use the capital for product development and to grow its local team by another 30 people across engineering, HR, sales, and business development departments.
Qashier has developed Qashier Smart Terminal, an easy-to-use plug and play device. The device comprises cloud-based POS software, an integrated payment acceptance system and a proprietary app store with a full suite of business solutions, including inventory management and customer loyalty.
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Owning a Qashier terminal starts at SGD1 a day. The firm claims it achieved 10x growth in revenue with over 1,000 merchants adopting the Qashier Smart POS terminal in the last year. The platform has processed over US$100 million worth of transactions since its launch a year ago.
In May 2021, the POS startup launched QashierEats, a low-cost, all-in-one online ordering platform that helps F&B merchants sell online and run a sustainable and viable delivery business. So far, QashierEats has onboarded over 200 eateries.
“We made fast headway in the market with the accelerated demand from SMEs to digitalise their operations amid the pandemic. From contactless payment acceptance and real-time reporting to customer loyalty and inventory management, Qashier empowers merchants to adapt to changes due to constantly evolving operational needs quickly,” said Christopher Choo, CEO and co-founder of Qashier.
“With the recent launch of QashierEats, F&B merchants can now set up online stores in minutes and start accepting orders for pickups and deliveries with zero commission fees,” he added.
The market demand for smart POS solutions in Southeast Asia is growing rapidly, with combined retail sales in the region on track to exceed US$970 billion in 2021. Qashier is broadening its range of products to accelerate the digitalisation of brick-and-mortar SMEs, giving them the tools to succeed in the burgeoning e-commerce market.
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Image Credit: Qashier
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