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Indonesia-based insurtech startup Fuse announced today it has secured $25 million of Series B extension round as it plans to enter more countries including Thailand and Vietnam in Southeast Asia. The pandemic accelerated the digital transformation in the insurance industry, one of the most conservative sectors.
This is good news for payment service operators, but the market is very fragmented, so adding payment options is a time-consuming process for many merchants. The company also offers its own digital wallet and debit card called the CHAI Card, which launched in June 2019 and now has 2.5
The recently formalized Memorandum of Understanding (MoU) between Singapore’s major tourism stakeholders and Weixin Pay marks a milestone in cross-border digital tourism development. China was Singapore’s largest source market for international visitors before the pandemic.
Based in Hong Kong, Finverse ’s ambitious goal is to enable open banking throughout the Asia-Pacific region. million in seed funding, and is now live in four markets (Hong Kong, the Philippines, Singapore and Vietnam) with connections to 30 banks. market because it was reliable and developer-friendly, Lesaffre said.
Southeast Asia is hitting a sweet spot. By late 2021, approximately 80% of the Southeast Asian population (aged 15 and above) will be digital consumers, according to a report by Facebook and Bain & Company. billion at a market cap of $8 billion. Unsurprisingly, tech startup growth is booming as well.
The rise in open banking and payment services like India’s UPI and Singapore’s PayNow means lower costs for businesses, as well as new payment options for hundreds of millions of customers in emerging markets who don’t own credit cards. million in Series A funding led by Sequoia Capital Southeast Asia.
3) Animals Asia Shop :: shop.animalsasia.org. Proceeds benefit Animals Asia work to end bear bile farming and improving the welfare of animals in China and Vietnam. The Electronic Frontier Foundation is the leading nonprofit organization defending civil liberties in the digital world. 15) Little Market :: thelittlemarket.com.
This begs the question: Who exactly is investing in Southeast Asia? Let’s explore the three key types of investors pouring money into and driving the growth of Southeast Asia’s tech ecosystem. Southeast Asia has become an attractive market for U.S. and Chinese tech firms. Regional VC investment grew 5.2 times to $8.2
The firm’s comprehensive “Southeast Asia Exit Landscape Report 2.0,” is a followup to a previous report published in 2019. There was a lot of pickup on the digital healthcare side as well.”. Southeast Asia’s startup ecosystem was not immune, and had less exits, but it still did relatively well, with $8.2
million in seed funding, money it plans to use for expansion across South Asia, Southeast Asia and the MENA region. . CEO Aahan Bhojani and Ashmin Varma founded Silkhaus last year after identifying a $13 billion market opportunity for asset owners across emerging markets, particularly MENA, South Asia and Southeast Asia.
However , there’s little noise about the corridors between Africa and other regions like Latin America or Asia. Wapi Pay , a Kenyan startup with offices in China and Singapore, is carrying out this play and has carved a market for itself by facilitating payments between both extreme remittance worlds of Africa and Asia.
AppWorks , the Taipei-based venture capital firm focused on Taiwan and Southeast Asia, announced today it has closed its oversubscribed third fund, raising $150 million. As part of Fund III’s close, AppWorks is recruiting new investment associates and analysts, especially ones who will focus on sourcing deals throughout Southeast Asia.
Igloo , a Singapore-based insurtech focused on underserved communities in Southeast Asia, announced it has raised a Series B extension of $27 million, bringing the round’s total to $46 million. Igloo currently works with 20 global, regional and local insurers across Southeast Asia.
With Southeast Asia’s joint fund, Kejora-Intervest Growth Fund also joined in the round, it is a sign that H2O Hospitality will be focusing specifically on the Southeast Asian Market. H2O was the only company in Asia, he claims, and many property owners have started to get onboard since August 2020, he explained.
Singapore-based TreeDots , which says it is the first food surplus marketplace in Asia, wants to help. In Asia specifically, TreeDots’ team says this is usually because of inefficient supply chains or aesthetically “imperfect” foods. TreeDots also helps them digitize their operations through its app and onboard to TreeLogs.
Focused on Southeast Asia, Ayoconnect ’s APIs make it faster for businesses to launch new financial services, instead of needing to build their own tech infrastructure. After leaving Lazada, he spent several years living in Indonesia, where he saw how the country could benefit from more digital financial inclusion.
Founded by two insurance industry veterans, Eazy Digital wants to give small insurance companies in Southeast Asia the same advantage as their larger competitors. Its SaaS platform lets insurers digitize many parts of their operations, enabling them to scale up more efficiently.
The software enables HR teams to digitize employee records, automate administrative tasks like employee onboarding and time-off management, and integrate employee data from different systems. Localizing for each market can be quite complicated. But most HR teams Chan and Ip spoke to wanted an all-in-one solution. What downturn?
A new report from Endeavor Nigeria reveals that Africa’s digital economy and tech ecosystem is set to experience exponential growth periods. The report is dubbed “The Inflection Point: Africa’s Digital Economy is Poised to Take Off.”. The organization’s report intends to shed more light on Africa’s market dynamics.
Easy Eat AI offers an operating system for restaurants that lets them digitize all parts of their business, from inventory and customer orders to delivery, and gain AI-based data analytics to improve revenue. Many food and beverage businesses started digitizing orders and payments so they could offer deliveries during the COVID-19 pandemic.
The onset of the pandemic has led to increased demand for digital banking options across customer income groups around the world. We’ve seen how digital banks like Zolve and Nubank have raised money in recent months to fill this need. TymeBank , a South African digital bank, announced today that it has secured an R1.6
Mental wellness startup MindFi operates throughout APAC, but wants to deliver “culturally competent” care in each of its markets. It currently operates across the Asia-Pacific region, including Sinagpore, Hong Kong and Australia, and offers its services in 16 languages. MindFi is among a cluster of startups working to change that.
Based in Hong Kong, Coherent helps insurance providers go digital. The Series A round, led by Cathay Innovation with participation from Franklin Templeton, will be used to grow Coherent’s client base in Asia, including insurers who want to add more digital services to their usual sales processes because of the pandemic.
The company offers a complete spectrum of e-commerce support services for direct-to-consumer (D2C) brands, from making a website, setting up a payment system, and managing marketing to handling shipping, warehousing, and logistics. The startup looks to challenge e-commerce players like Shopify in Southeast Asia. “I
In Japan, where the real estate market is fragmented, homeowners have faced uncertain selling prices riddled with brokerage fees and an average selling period of between four and eight months, Ito said. “The difference is that we purchase from the seller at a discount from the market price. . and the U.K., While the U.S.
Influencer marketing is one of the fastest-growing and one of the most impactful media channels today. Marketers have now realized that their customers trust the recommendations of people they relate with. AIfluence is a two-year-old startup with an AI-driven influencer marketing approach to measuring these campaigns.
The process of digitizing the operations of mom and pop stores in Nigeria is serious business right now. Europe and Asia, including Michael Novogratz’s, participated in the round. Omnibiz gets $3M to digitize Nigeria’s informal B2B supply chain. . The company is announcing a $10.5 The company is announcing a $10.5
million in a pre-Series A round, to tap the opportunities in emerging markets, where digital lending apps have recently sprung up in droves. Bfree was founded by Julian Flosbach (CEO), Chukwudi Enyi (COO) and Moses Nmor (CPO) inspired by the need to introduce ethical debt recovery tools and processes in emerging markets.
Rali_cap , an early-stage venture capital firm focused on emerging markets fintech, has launched a $30 million fund. The two-year-old VC fund invests in B2B and API-first fintechs across Africa, Latin America and South Asia at pre-seed and seed stages. About 40% are based in the U.S.,
The digital asset space is still trucking along, while there were some big headlines, the week was arguably a little less chaotic (for now). PT, subscribe here. Check out what caught our attention below. Here are some articles on TechCrunch that caught our attention this week.
Based in Singapore, ZEBOX Asia will also look at markets like Indonesia, Malaysia, Taiwan, Japan and Korea. Additionally, the city state’s strategic location at the crossroads of major shipping lines and air routes connects large parts of Asia to the rest of the world, making it a global logistics hub,” he added.
TPG invested in the startup through its TPG Capital Asia, its Asia-focused private equity platform. “Our clients are all looking to digitize their businesses and offer more personalized solutions to their customers,” he said. helps firms improve investment decisions, Eugenie.ai
InstaCarro , a digital marketplace that connects used car sellers to dealers in Brazil, has raised $23 million in a Series B round of funding. CEO Luca Cafici started InstaCarro after having co-founded a car classified startup in Asia with Rocket Internet. Notably, U.S.-based Chehaoduo in India and Carro in Indonesia. . to the U.K.,
Beam , a Singaporean shared micromobility operator, announced today that it has raised $93 million in a Series B round to accelerate growth into new countries in Asia. The Series B brings Beam’s valuation up into the triple digits, says CEO and co-founder of Beam Alan Jiang who declined to provide exact numbers. .
Ascend Money will use the proceeds to grow its e-wallet application – TrueMoney Wallet – and expand its digital financial services ranging from digital lending and digital investment to cross border remittances in Southeast Asia. Apart from e-wallet, we are an agent-based payment and remittance service provider.
that creates digital banks in emerging markets, confirmed to TechCrunch today that it has raised $7.4 Digital banks, neobanks, challenger banks or whatever you may call them, are among the biggest recipients of VC investments in fintech. In November 2021, Fintech Farm launched in its first market, Azerbaijan.
Lakhani said that NayaPay is leading a digital payment revolution in Pakistan , a cash-heavy economy, where only 1% of $4 trillion payments are done electronically. Students and freelancers are among the most underbanked population, and they are our first target market. This is in a country of 220 million people.
Komunal digitizes rural banks, called BPRs (Bank Perkreditan Rakyat) through its DepositoBPR platform, which lets users make deposits and apply for loans digitally without needing to visit their bank’s physical location. Combined they only made up about 2% of the Indonesian banking market although they have much bigger potential.”.
Millions of people in sub-Saharan Africa and emerging markets continue to live without access to electricity. Zola Electric , one such provider, is announcing today that it has closed $90 million in new funding to enter new markets and drive distributed renewable energy. The company has evolved since then. “More than 2.2
Darwinbox, which operates a cloud-based human resource management platform, has raised $15 million in a new financing round as the Indian startup looks to further expand in the country and Southeast Asian markets. This is one of Salesforce Ventures’ rare investments in Asia. Image Credits: Darwinbox.
The round, which marks the Fund’s first investment in an African startup, drew participation from existing investors like Sequoia Capital China, Redpoint China, Source Code Capital, and Softbank Ventures Asia. The company plays in an extremely competitive fintech market. The same can be said for the continent as a whole.
But in markets like Indonesia, many still use digital wallets or e-commerce platforms, creating alternative sources of user data that can help them secure working capital and other financial tools. It definitely doesn’t need to be a bank account, it could be in a digital wallet, e-commerce platform or other service providers.”
Of course, digital and connected features are becoming crucial to the user experience, and Nvidia , Qualcomm , and LG Electronics are racing to develop the computing power for faster processing and seamless service. The year also saw the companys rapid expansion across Asia and into Mexico, South America, Europe, and Australia.
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