PayPal Incubator’s First Batch of Startups, This Are The 3 Fintech Graduatesby Fintechnews Singapore March 4, 2017
After nine months with Paypal Incubator, the inaugural batch of Singapore 3 startups have graduated.
PayPal launched its first startup incubation program in Singapore in July 2016. The nine-month program aims to develop and nurture the next generation of FinTech startups, and offers numerous opportunities including coaching and mentorship by PayPal executives and various subject matter experts; networking opportunities through PayPal’s network and venture capital connections; as well as a conducive co-working space which promotes collaboration and innovation.
InvoiceInterchange: Top 40 FinTech Companies in Singapore
Since joining PayPal Incubator, InvoiceInterchange saw many positive developments such as increase business, new products and partners, and industry accolades. Continuing to help Singapore SMEs grow, invoices funded grew from S$400,000 in 2015 to S$12 million in 2016.
Using technology and automation, InvoiceInterchange is able to take in a larger set of data and be creative in assessing creditworthiness in ways that traditional lenders cannot. This leads to faster decision-making and scalability of platform that sets the company up for their planned expansion into the region this year.
Their achievements did not go unrecognized – clinching a Silver Medal for Best Innovative Start-Up (Early Stage) by Singapore’s Infocomm Technology Federation (SiTF). In November 2016, InvoiceInterchange was named by the Monetary Authority of Singapore (MAS) to be amongst the top 40 Fintech companies operating in Singapore.
Axinan: Processing insurance for more than 180,000 monthly e-commerce orders
Joining PayPal Incubator as Prosecure.Me, the startup founded by seasoned tech leader Wei Zhu is now known as Axinan – consisting of engineers, mathematicians and industry who build new and innovative FinTech insurance solutions for e-commerce platforms.
The team has partnered with Tokopedia, the leading e-commerce marketplace in Indonesia, to launch its Free Return Shipping Insurance program last year. More than 4,000 merchants have signed up for the program, with Axinan processing free return shipping insurance for more than 180,000 orders each month.
TenX: Secured 16 worldwide partnerships with first wallet
TenX, formerly OnePay, comes out of PayPal Incubator with a grand vision of building COMIT network or the Internet of TransactionsTM, which is a network of interconnected blockchains that allows for instant and secure transactions across any blockchain using any of the blockchain asset.
Like the Internet, which connects many intranets to form a single communication network, COMIT allows private and public blockchains to form a single super-blockchain network where each blockchain can retain its own business logic as well as consensus mechanism.
TenX open-sources the COMIT Protocol to build a developer ecosystem using an app store approach that will allow anyone in the world to be connected and build global financial products effectively. Financial products launched on the network seamlessly integrates with other onnetwork products, creating an inclusive ecosystem with strong network effects.
TenX’ strategy has paid off, securing 16 partnerships across the world with its first wallet. The company has also seen the payment volume growing at 25% week over week.