Alpha JWC Ventures and PayPal Provide Up to US$5 Million Funding to FinTech Startupsby Company Announcement May 17, 2018
Southeast Asia’s venture capital firm Alpha JWC Ventures announced its collaboration with global technology platform and digital payments gigant PayPal and its commitment to invest up to US$5M in 2018 participants of PayPal Incubator, a FinTech tartup incubation program in Southeast Asia.
“At Alpha JWC Ventures our philosophy is to invest as a value-add partner. Given our FinTech sector focus and expertise, we seek to create value for the Southeast Asia FinTech ecosystem, and our collaboration with PayPal’s incubator program is the best way to do so,”
said Will Ongkowidjaja, Alpha JWC Ventures’ Co-Founder and Managing Partner.
“Through this impactful collaboration, Alpha JWC can help nurture the future of FinTech industry and grow together with the region’s best FinTech entrepreneurs, while at the same time improving lives touched by these entrepreneurs’ business. We believe this collaboration enables us to get to know the best FinTech entrepreneurs in the region that operate with the same values as Alpha JWC and PayPal’s.”
To receive the funding, applicants will go through a selection panel made up of Alpha JWC and PayPal senior executives in Singapore and San Jose. Startups that demonstrate potential in transforming cutting-edge ideas to create tangible impact will be offered a place in the PayPal Incubator and funding commensurate with their business needs.
Launched in 2016, the unique nine-month PayPal Incubator program offers participating startups the opportunity to operate in a specially designed co-working space in PayPal Singapore’s Development Center. Participants receive coaching and mentorship from PayPal executives, participate in networking opportunities and gain valuable connections to outside funders.
It is the first FinTech incubation program in the Southeast Asia where startups sit side-by-side with the company’s staff, making PayPal’s business and engineering resources easily available to participants. Since its inception, the PayPal Incubator has successfully nurtured six FinTech startups — Axinan, Chynge, InvoiceInterchange, Jumper.ai, PolicyPal and TenX.
“PayPal began as a startup and the entrepreneurial spirit is still deeply embedded in our DNA,”
said Mr. Jerry Tso, General Manager for PayPal Singapore Development Center.
“We understand mentorship and connections are key to help the startups grow and thrive, but more importantly, funding is crucial for startups to scale.
We’re excited to collaborate with Alpha JWC to provide access to funding for our 2018 cohort. Alpha JWC’s strong track-record, deep expertise in FinTech, and their vision of investing in people, technology, and creating real impact make them an ideal partner.”