GrabPay and other Southeast Asian fintech startups pocket more capital


[ad_1]

With the spread of COVID-19 driving the adoption of fintech solutions in Southeast Asia, big tech startups are in a good position to raise more capital.

In the last week alone, DealStreetAsia – DATA ADVANTAGE identified three major updates from local fintech companies.

that of Singapore GrabPay received $ 55 million in additional capital from its parent company, A6 Holdings Inc, an entity under Doodles Inc which houses most of the carpooling giant’s fintech operations.

Last month, GrabPay partnered with Silicon Valley-based Stripe to allow businesses in Singapore and Malaysia to offer GrabPay Wallet as a payment method through Stripe’s platform. The partnership is expected to cover other markets in Southeast Asia.

Indonesia-focused accounting app BukuKas hosted a London-based venture capital firm Hedosophy as a new investor this month, our data shows it.

In its first agreement in Southeast Asia, Hedosophia, which was founded by a technology investor Ian osborne, led a group of investors who participated in Bukukas’ $ 50 million Series B financing.

headquartered in Singapore Contour, which provides blockchain-based networks for commerce and finance, issued new shares worth $ 13.4 million to a group of investors, including BNP Paribas, Bangkok Bank and HSBC.

Investment apps are the fintech revolution

Fintech startups dominated fundraising activity in the first quarter of this year, recording 65 deals worth at least $ 1.1 billion, according to DATA ADVANTAGE report.

In the first trimester Grab Financial Group made history by raising the region’s biggest Series A round to $ 300 million. In another notable deal, the Filipino fintech company backed by Ant Group Mynt raised $ 175 million from the American company Arc wave capital get closer to unicorn status.

The most interesting development in the first quarter, however, was the rise of mutual fund and equity investing applications, which saw 15 trades worth at least $ 267 million.

Among investment applications, Indonesia Ajaib was the largest fundraiser with a Series A round of $ 90 million, while the robo-advisor Bibit and its parent company Stockbit raised $ 30 million and $ 35 million, respectively.

Last month, the total number of investors in Indonesia’s capital market had doubled to 5.4 million since the start of the COVID-19 pandemic in January 2020, as the healthcare crisis triggered massive reallocations of discretionary and savings spending towards securitized assets.

Number of investors in the capital market in Indonesia

Source: Central Securities Depository (KSEI)

Other updates of DATA VANTAGE

Sydney based Novotech and Dedalus Finance Gmbh have joined a group of investors in ObvioHealthlast round of funding from. The startup, which focuses on virtual health research, raised $ 19.3 million in total paid-up capital this year, DATA ADVANTAGE shows.

Wireless monitoring solution provider Ackcio, which is backed by Entrepreneur First, a tech-driven business creator, raised at least $ 5 million in its most recent funding round with the participation of Atlas Asset Management, SEEDS Capital and SGInnovate.

Indian online home design company Living space secured $ 2.7 million from two institutional investors last week, bringing its total funding for that year to $ 16.4 million. The company has laid off 15% of its total workforce to cut costs amid the COVID-19 pandemic that has ravaged India.

Following a $ 20 million investment from Mitsui & Co. at the end of last year, the multinational data network infrastructure operator Campana Group raised additional capital this year worth $ 2 million. This brings the company’s total paid-up capital to $ 72 million to date.

Data analytics company backed by East Ventures Bonza has started raising its second round of funding, raising over $ 2 million to date. New investors in the Jakarta-based company include Increase capital and a group of angel investors.

[ad_2]

Comments are closed.