Funding

Southeast Asia Fintech Opportunity Pushes Startup Valuations Further Up

Southeast Asia’s large population of unbanked and growing Internet penetration make it a hotbed for fintech innovation and an attractive market for e-wallets and neobanks. Despite currently lagging behind more developed markets like Australia, the US and the UK, the

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Global Processing Services Raises US$300 Million From Advent, Viking

Payment technology platform Global Processing Services (GPS) announced it has raised over US$300 million from Advent International and Viking Global Investors, who will co-control the company. The investment by Advent will be funded through Advent Tech and Sunley House Capital,

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Singaporean Insurtech Surer Raises US$1 Million in Seed Funding Round

Surer, a Singaporean cloud-based insurtech platform, announced that it has raised US$1 million during a seed funding round. The insurtech raised the funds from Norwegian private investment company Kistefos, global specialist insurer Markel Corporation through its insurtech investing arm, Markel Digital

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Ribbit Capital Snaps up a Minority Stake in Indonesian Digital Bank Jago

Venture capital firm Ribbit Capital has snapped up a minority stake in Bank Jago, a Gojek-backed digital bank. Ribbit Capital had previously invested in Tinkoff, Revolut, BharatPe, Robinhood, Affirm, Nubank, Coinbase and Credit Karma. Prior to this, ride hailing super app

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UnionBank of the Philippines’s Venture Arm UBX Sets up Singapore HQ

UBX, the fintech venture fund of the UnionBank of the Philippines, announced that it has expanded its footprint by setting up a new Singapore headquarters. The new headquarters aims to serve as a bridge for startups looking to enter the

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Indonesian E-Commerce Firm Ula Bags US$87 Million From Jeff Bezos, Tencent

Indonesian B2B e-commerce marketplace Ula has raised US$87 million in a Series B funding round co-led by Prosus Ventures, Tencent and B-Capital. The trio are joined by Amazon founder Jeff Bezos’ Bezos Expeditions, and Southeast Asian funds Northstar group, AC

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FinAccel Raises Additional US$125 Million PIPE Investment Ahead of IPO Plans

FinAccel, the parent company of Buy Now, Pay Later (BNPL) platform Kredivo, announced that three of its existing investors has joined its PIPE deal which is in excess of US$125 million. The investors in the PIPE deal are MDI Ventures,

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Siam Commercial Bank’s Spin-off SCB Abacus Closes US$12 Million Series A

SCB Abacus, an alternative digital lending platform in Thailand, has raised US$12 million in an oversubscribed Series A funding round. The firm, a fintech spin-off from the Siam Commercial Bank, has a flagship digital lending application “MoneyThunder” offering micro loans

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Aussie Insurtech Firm Cover Genius Closes US$50 Million Series C Led by Sompo

Cover Genius, an Australian insurtech firm and embedded insurance specialist, announced that it has secured a strategic investment of US$50 million during a Series C funding round led by Sompo Holdings Asia. The round comprised primary and secondary capital, and

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Payments Firm Ascend Money Becomes Thailand’s First Fintech Unicorn

Ascend Money, has hit US$1.5 billion valuation following its latest US$150 million funding, making it Thailand’s first fintech unicorn. The funds will be used to grow the user base of its e-wallet application; TrueMoney Wallet and to expand digital financial

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