Toast, a Singaporean peer to peer money transfer application, secured US$1.5m (S$2.09m) in pre-series A funding.
The company intends to use the funds to continue to expand operations adding Bangladesh, China, India, Indonesia, and Pakistan to its network by the end of 2016.
The round was led by Aetius Capital with participation from 1776 and Pepper Group.
Led by founder and CEO Aaron Siwoku, Toast is a Peer 2 Peer money transfer app that allows Filipinos in Hong Kong to remit money back home directly from an Android smartphone without the need to utilize existing banking infrastructure or a money transfer shop.
The app also enables users to pay bills (water, electricity, social security and school tuition) in the Philippines with top up mobile phones coming soon.
The company, Sigma X Pte Limited, is a licensed Money Services Operator in Hong Kong with a corresponding license number valid from November 2015 until November 2017.