Around a year ago a team of Sri Lankan technology entrepreneurs Rakhil Fernando, Mufaddal Lukmanjee, Rajindra Jayasingh, Sanjive Alles & Lakshan De Silva ventured into the Singaporean market and changed the way millennials pay or get paid. Today Kashmi is the largest person-to-person mobile payment system in Singapore catering to approximately 15,000 account holders and processing around 1.5 million SGD in transactions per month.
Kashmi’s growth trajectory is due for another boost in the coming months with its aggressive expansion into the fast growing East Asian markets of Cambodia, Indonesia and the Philippines where Kashmi will be launching the next generation of payment platform – the region’s first completely digital bank.”Given the large population of unbanked and underbanked users in these countries; particularly amongst our key demographic of 18 to 35 year olds, we felt Kashmi had huge potential in the region,” elaborated Mufaddal Lukmanjee, CTO Kashmi. “We are currently working with leading regional banks to launch the first digital only banking platform in these countries. The Kashmi Neo Banking App will provide unparalleled features to our account holders – users can simply download the mobile application and create a bank account within 3 minutes.”
Kashmi won the Singaporean Government funded Fintech Startupbootcamp in 2015 after competing against over 500 other startups around the world. When asked about their most humbling experience Mr. Lukmanjee stated that it was when they were invited to attend the Global Entrepreneurship Summit hosted by Barack Obama for the world’s leading startups where they were given an opportunity to interact with everybody from Mark Zuckerberg, Sergei Brin, Patrick Collison investors like Chamath Palapitiya, VC’s like Andresen Horowitz, and Secretary of State John Kerry.