Qashier, a Singapore-based smart point-of-sale (POS) system provider, announced Thursday a $4.7 million fundraise from Exor Seeds, the technology-focused venture arm of Exor.

The funding comes a year after the company raising $900,000 from Singapore-based Cocoon Capital and San Francisco-based Hardware Club.

Qashier said in a statement, it will be expanding its presence in Malaysia following the fundraise, as entering other parts of the Southeast Asian market is next in line as part of the company’s growth plan.

As the market demand for smart POS solutions in Southeast Asia is growing rapidly with combined retail sales in the region on track to exceed $970 billion in 2021, Qashier said it is broadening its range of products to accelerate the digitalisation of brick-and-mortar small and medium enterprises (SMEs), giving them the tools to succeed in the burgeoning e-commerce market.

In addition to its regional expansion and extensive product development, Qashier will be using the funds to grow its local team by another 30 people in engineering, human resources, and sales and business development roles.

“We are excited to partner with Qashier which we believe has significant potential to modernise payments and deliver other value-add services for SMEs in a fast-growing region,” said Noam Ohana, Managing Director of Exor Seeds.

Founded on the vision to transform retail operations and payment management, Qashier provides smart point-of-sale (POS) solutions that empower merchants with the capability to do more with less. Its technology and tools are designed to deliver powerful yet easy to use features at exceptional value.

Its first flagship product, the all-in-one Qashier Smart Terminal, combines a cloud-based POS software and an integrated payment acceptance system into a single device that makes transactions and operations management seamless and hassle-free. Through its subscription model, merchants are able to own a smart POS terminal from as low as $1 a day.

In May 2021, Qashier launched QashierEats, a new platform to further support the food and beverage industry amid lockdowns. So far, over 200 eateries have onboarded with QashierEats, achieving up to 40% increase in revenue.

Last year, the company also achieved 10 times growth in revenue with over 1,000 merchants adopting the Qashier Smart POS terminal. Its platform has now processed over $100 million worth of transactions since its launch a year ago.

“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’s all-in-one commerce platform empowers merchants to quickly adapt to changes due to constantly evolving operational needs.

“With the recent launch of QashierEats, food and beverage merchants can now set up online stores in minutes and start accepting orders for pickups and deliveries with zero commission fees – a breath of fresh air for both businesses and consumers alike,” said Christopher Choo, Chief Executive Officer and Co-Founder of Qashier.

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