Qashier, the smart point-of-sale (POS) system provider, today announced a US$4.7m fundraise from Exor Seeds, the technology-focused venture arm of Exor. The funding comes a year after raising US$900,000 from Singapore-based Cocoon Capital and San Francisco-based Hardware Club.
Qashier will be expanding its presence in Malaysia following the fundraise. Entering other parts of the Southeast Asian market is next in line as part of the company’s growth plan. In the last year, the company achieved 10x growth in revenue with over 1,000 merchants adopting the Qashier Smart POS terminal. Its platform has now processed over US$100m worth of transactions since its launch a year ago.
Developed with small and medium enterprises (SMEs) in mind, Qashier’s solutions address the two biggest concerns they face in their digitalisation journey: cost and complexity. Its flagship product, the all-in-one Qashier Smart Terminal, is an easy-to-use plug and play device that combines a 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. Owning a Qashier terminal starts at S$1 a day, making it more affordable for merchants as compared to traditional POS systems.
Love Noodles, an eatery offering Thai fusion cuisine, took up a QashierX1, a compact all-in- one POS system, two months after its stall was set up in February this year. “We started with a manual method of payment collection and decided to digitalise with a Qashier smart POS terminal for ease of business management. It does not just simplify transactions but also helps us with data collection. I can get quick insights into our popular dishes, so we know how to sharpen our focus and manage our inventory. The system is affordable for small businesses like ours and it is easy to use. I only need to spend about 10 to 15 minutes to coach a new staff on how to operate the terminal,” said Chinnskii Goh, one of the founders of Love Noodles.
In May 2021, Qashier also launched QashierEats, a new platform to further support the F&B industry amid lockdowns. The low-cost, all-in-one online ordering platform helps merchants sell online and run a sustainable and viable delivery business. So far, over 200 eateries have onboarded with QashierEats, achieving up to 40% increase in revenue.
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$970b in 20211. 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.
Noam Ohana, Managing Director of Exor Seeds, said, “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.”
“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, F&B 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,” shared Christopher Choo, CEO and Co-founder of Qashier.
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.