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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
Voyager Innovations , the Manila-based owner of PayMaya , one of the Philippines’ most popular payment and financial services apps, announced today it has raised $167 million in new funding to launch more financial services, including a digital bank. According to the BSP, about 71% of Filipinos were unbanked as of 2019.
Buy now pay later (BNPL) startups are proliferating around the world and the Philippines is no exception. Operated by fintech First Digital Finance Corporation BillEase launched in 2017, with shopping marketplace Lazada as its first merchant partner. Philippines ‘buy now, pay later’ startup Plentina raises $2.2M
Sari-sari stores are neighborhood stores in the Philippines that usually sell daily necessities and sometimes serve as community hubs, too. The $30 million total it has raised include its seed funding and Series A, which according to a July 2020 profile in Esquire Philippines was $14 million.
Sari-saris are small neighborhood stores in the Philippines that are often run on pen and paper ledgers. It also plans to build a department that engages sari-sari stores and provides additional services with parters, plus build an open platform for financial institutions and brands to connect directly with sari-sari owners.”.
Founded in 2014, Great Deals is an e-commerce enabler that helps brands like Abbot, L’Oréal and Unilever build their online retail operations in the Philippines. Philippines payment processing startup PayMongo lands $12 million Series A led by Stripe. Navegar, which led Great Deals’ Series A , also returned for this round.
E-wallets are rapidly gaining popularity in the Philippines, overtaking credit cards, which have a penetration rate of under 10%. Other participants included JG Digital Equity Ventures (JGDEV), Amino Capital, Canaan Partners Scout Fund and Ignite Impact Fund. Loans have a flat 5% service fee, with no interest.
GrowSari , a Manila-based platform for digitizing small businesses in the Philippines, announced today it has added $77.5 Other plans include adding more financial services and logistics solutions, with plans to have more than 50 fulfillment centers across the country. . million to its Series C round.
Tala , an emerging markets digital lender that offers loans between $10 to $500 to consumers and small business owners, has raised $145 million in Series E funding. To add to that, over 2 billion of these people have limited access to financial services and working capital per World Bank statistics.
Voyager Innovations , the owner of Philippines’ payment and financial services app PayMaya and neobank Maya Bank, announced today it has raised $210 million, bringing its valuation to $1.4 PayMaya owner Voyager Innovation raises $167M from KKR, Tencent and IFC, to launch digital bank in the Philippines.
Jakarta-based Xendit , best known for its digital payment infrastructure but also focused on other financial products, announced today it has raised $150 million in Series C funding, bumping its valuation to $1 billion. The company also plans to launch value-added services. Indonesian payments infra startup Xendit raises $64.6M
Jenfi , a “growth-capital-as-a-service” platform, can provide online businesses with revenue-based financing in a little as a day. The new funding will be used to grow its customer base in Singapore, Vietnam and Indonesia, and expand into new markets in Southeast Asia, like Malaysia, the Philippines and Thailand.
A Manila-headquartered startup called CloudEats , which operates cloud kitchens across the Philippines and Vietnam, just raised a $7 million Series A extension led by Nordstar to accelerate the digitization of food service in Southeast Asia. . The cloud kitchen market in Asia is projected to grow at 14.2% billion in 2021.
Fueled by the COVID-19 pandemic, digital transformation is happening all over the world. Indonesia’s Xendit , a startup focused on building digital payments infrastructure for the region, has just raised $64.6 It aims for fast and easy integrations so that businesses can more easily accept payments digitally.
The federal civilian service has an opportunity that would greatly benefit from the expertise of talented technologists like yourself. Service was always a part of my life, and I searched for opportunities to apply my tech skills to make a difference. Other moments are unexpected. I was laid off from my first job within three months.
Last month, for example, her team co-led an investment in Virtually Human Studio , the startup behind a digital horse racing service Zed Run, wherein users buy, sell and breed virtual horses whose value rises depending on their performance against other virtual horses. How did you first come across this digital horse racing business?
GrowSari , the Manila-based startup that helps small shops grow and digitize, announced today that KKR will lead its Series C round with a $45 million investment. The funds will be used to enter new regions in the Philippines and expand its financial products. million “mom and pop” stores in the Philippines. .
Ascend Money , the Thailand-based fintech startup behind TrueMoney, an e-wallet service, announced today it has raised a $150 million Series C round at a valuation of $1.5 The growth in e-payment suggests changing consumers’ spending habits as Southeast Asia moves toward a digital economy and a cashless society,” Thamavaranukupt said.
Financial services, especially those for people who don’t have access to traditional bank accounts or lines of credit, are proliferating in Southeast Asia. For service providers, Jeff serves as a distribution channel, helping them find and retain customers. It also plans to enter the Philippines in the third quarter.
Being “underbanked” doesn’t mean that someone lacks access to financial services. 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.
Based in Singapore, the company has evolved from a ride-hailing app to a Southeast Asian super app that offers several consumer services, including food delivery, financial services, such as an e-wallet so that you can send and receive money. It expects to see the total addressable market jump from $52 billion to $180 billion by 2025.
It supports 10 digital assets, including Bitcoin, Ethereum, Solana, Polygon, Axie Infinity and USD-backed stablecoins USDC and USDT, and plans to expand to over 50 assets in the coming months. It plans to do the same for other crypto services like payments. The app currently has more than 75,000 users in over 60 countries.
Called SoBanHang (or “sales book”), it would help businesses that usually rely on paper ledgers digitize their operations, similar to Khatabook in India and BukuKas and BukuWarung in Indonesia. India’s Khatabook raises $60 million to help merchants digitize bookkeeping and accept payments online.
For many, this makes it is difficult to secure loans and other services because they don’t have traditional financial records like a credit score. Jeff ’s loan brokerage platform was created to make it easier for financial service providers to integrate alternative data scoring, allowing them reach more potential borrowers.
Mehta said that the penetration rate of insurance in much of Southeast Asia is low, less than $100 USD per capita across Indonesia, Vietnam and the Philippines. Igloo also provides products that Mehta says directly or indirectly benefits women, through a partnership with Philinsure in the Philippines.
The Socialbrite team is made up of strategists with deep experience in offering social media consulting services, training workshops, conversational marketing, fundraising and outreach campaigns. She is currently a Kiva fellow serving a three-month tour in a rural section of the Philippines. Subscribe to our blog updates: [link].
The Kenyan fintech Kwara was launched in 2019 to help credit unions (savings and credit cooperatives societies, SACCOs) in the East African country shift to digital platforms by providing them with its proprietary Back-end-as-a-service (BaaS) software.
million in seed funding, and is now live in four markets (Hong Kong, the Philippines, Singapore and Vietnam) with connections to 30 banks. Brankas wants to bring Southeast Asia’s banks and e-commerce into the digital era. Based in Hong Kong, Finverse ’s ambitious goal is to enable open banking throughout the Asia-Pacific region.
Following the Kuscco partnership, Kwara said it has gained connections to a pool of over 4,000 saccos for its banking-as-a-service offering. And so, we are just going to be really investing in products and services that deepen our relationship here,” Kwara co-founder and CEO, Cynthia Wandia told TechCrunch.
In October, Upmesh was used by almost 300 live commerce merchants in Singapore, Malaysia and the Philippines, with an annualized gross merchandise value of $40 million. . Live commerce is transforming eCommerce and shaping the buying behavior of the digital consumer in Southeast Asia.
Its customers are spread across Singapore, the Philippines, Thailand, Hong Kong and Australia, and typically ship about 25 to 5,000 orders a day. So far, Locad has provided order fulfillment for 200 brands, including Havaians, Levi’s Reckitt Benckisder and Emma Sleep. 4 ways to use e-commerce data to optimize LTV pre- and post-holiday.
Lazada operates in Thailand, Singapore, Vietnam, Malaysia, Indonesia, and the Philippines, with its Thai business the first to achieve profitability in 2022. Temu, the budget-oriented retailing platform owned by PDD, entered the Thai market in August, one year after its expansion to Malaysia and the Philippines.
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. Approximately 200 D2C brands have already started using Plugo’s beta service in Indonesia.
Interpark offers online travel booking services and international shipping to more than 230 countries and targets Korean, English, Chinese, and Japanese-speaking customers. Interpark’s services cover shopping, restaurant reservations, travel tickets, attractions, and live performances, a spokesperson at Yanolja told TechCrunch. .
We’re thinking of how do you make the experience of buying a home or investing a one-stop shop where you can do everything digitally.”. Homebase works with agents and developers as a value-add service that helps them close more deals. It is also exploring other Southeast Asian countries like Thailand and the Philippines.
It’s the easiest option when I’m trying to be succinct, but Southeast Asia consists of 11 countries, and obviously there are huge differences between, say, Singapore, Myanmar, Laos, Vietnam, the Philippines and Indonesia. A close look at Singapore’s thriving startup ecosystem.
Before launching IDEAL, Surjaudaja was former head of operations strategy at digital payment service OVO. Surjaudaja said that traditional retail banks offer a relatively poor digital experience for their consumer lending products, making them less accessible. IDEAL’s digital platform seeks to solve these challenges.
First, around product development, the team is eager to build next-generation digital renewable energy. With a similarity to the offline grid, Infinity connects to all the loads in a residence or business place and controls them digitally while providing data and analytics in the process. Brazil, Pakistan, and the Philippines.
As part of the deal, Payfazz, an agent-based financial services network in Indonesia, invested $30 million into payments infrastructure provider Xfers. Both Payfazz and Xfers are Y Combinator alums, and want to make financial services accessible to more Southeast Asians, even if they don’t have a bank account.
Infrastructure developers like Solana, Avalanche and Polygon are trying to make blockchain services more scalable. With the new financial infusion, Oasys plans to strengthen partnerships with game developers, digital asset exchanges and others in the gaming and crypto industry. Oasys, merely five months old, shares the same goal.
According to them, blockchain can allow the unbanked to have faster access to services such as lending, borrowing and buying insurance. Aided by the new capital, Masa claims to have recorded double-digit growth each month since the start of the year. The round, which has no lead investor, comes from traditional and web3-focused VCs.
The global thirst for an up-charged pair of Yeezy’s or limited edition Jordan’s combined with a growth in a digital ecosystem is creating new opportunities, particularly in the sneaker resale market, for companies like Kicks Crew , a Los Angeles- and Hong Kong-based sneaker and apparel platform.
Therefore , digitizing has been mostly around delivery rather than building new infrastructure and payment processing models for African individuals and businesses to make cross-border payments. Financial institutions are left with traditional systems and correspondence models to offer service to their customers.
A company cannot hire out of a hub city like Singapore and expect those individuals to cover Indonesia, India, Thailand, and the Philippines. Recruiters don’t understand this, so try to be hands on with your own network and utilize services like LinkedIn when finding your first few key employees. Nothing gets done otherwise.
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