Tag: funding

Kuala Lumpur, Malaysia – CARSOME has announced that it has secured RM100m in financing facility from AmBank Group to bolster capacity for future growth. The company’s end-to-end ecosystem has significantly expanded through its comprehensive suite of services, including car inspections, sales, financing, and after-sales support.

The RM100 million financing facility secured from AmBank Group will empower CARSOME, significantly enhancing its capacity to grow and innovate. This substantial funding will enable CARSOME to extend its reach, enhance its services, and drive sustained growth, reinforcing its commitment to delivering exceptional value across all facets of its operations.

With AmBank’s support, CARSOME will be able to further accelerate different stages of the used car trading process, offering a comprehensive, hassle-free experience to its customers. AmBank’s commitment to supporting CARSOME underscores the bank’s dedication to fostering the growth of forward-thinking businesses and driving the evolution of the automotive industry in the region.

Eric Cheng, co-founder, chairman, and CEO at CARSOME Group said, “We are thrilled to partner with AmBank, marking a pivotal moment in our journey to revolutionize the automotive industry. A financing facility at this scale is a strong validation of CARSOME’s business model and allows us to enhance CARSOME Group’s overall financing capabilities.”

He addded, “It also underscores our commitment to providing accessible solutions for our customers and elevating the car ownership experience. Through CARSOME Capital, we will leverage this partnership to further expand our service offerings, broadening our impact and continuing to innovate in the automotive ecosystem across Southeast Asia.”

Meanwhile, Christopher Yap, managing director of business banking at AmBank Group, commented, “AmBank is pleased to support CARSOME’s remarkable growth and innovation in providing end-to-end solutions for customers. Their exemplary track record in the used car market makes us proud to partner with them in revolutionising Malaysia’s automotive ecosystem. With their strong brand equity, financial standing, and extensive customer base, we look forward to seeing how this collaboration can further fortify CARSOME Capital’s operations and prospects. We hope to continue to expand opportunities with CARSOME in the coming years.”

The new funding follows a recent partnership of the company with NETA to foray into the sales of new cars, as well as closing a funding round which brought the group’s liquidity position to approximately US$200m. 

Singapore – Southeast Asian online used car platform Carro has tapped into HSBC’s recently launched US$1 billion ASEAN Growth Fund, being the first of the bank’s clients to do so.

Going into detail, Carro signed a US$75m multi-currency loan to fund the growth of its fintech arm, Genie Financial Services.

This signifies Carro’s efforts to strengthen its presence within the fintech space, with its Genie Financial Services also receiving funding from DRB-HICOM to unlock valuable cross-selling opportunities for DRB-HICOM within Carro’s used car platform myTukar’s dealer network, comprising over 2,600 dealers nationwide.

Talking about the initiative, Aaron Tan, co-founder and CEO of Carro, said, “HSBC has been a very supportive partner and one of very few banks who recognise the need to support regional start-ups like us to achieve sustainable profitable growth.”

“Our fintech business, leveraging proprietary data-driven lending, has been growing prudently with a loan book exceeding US$500 million and NPL below 0.5%. Securing this landmark financing from HSBC is a huge validation of our digital ecosystem-led business model. This enables us to serve the underserved consumer segment even better,” he added.

Meanwhile, Amanda Murphy, head of commercial banking, South and Southeast Asia, HSBC, commented, “HSBC has a proud history and strong heritage in ASEAN of supporting entrepreneurs and scaling up businesses. We are delighted to arrange a multi-currency loan facility for Carro, through our unique US$1 billion ASEAN Growth Fund, as they grow their operations.”

Singapore – Regional insurtech Igloo has announced an additional US$27m for its series B funding extension, bringing a close to its series B funding round at US$46m. The new funding round will support the enhancement of engineering capacity and infrastructure; acquisition of intermediaries and the launch of new products such as index-based crop insurance in Southeast Asia.

To date, Igloo has been on a strong growth trajectory having cemented partnerships with over 55 companies across 7 countries and over 15 products in its expanding product suite. It has facilitated over 300 million policies and increased gross written premiums by 30 times since 2019. 

Since its inception, Igloo has been making insurance accessible and affordable through data and technology in Southeast Asia, and is the only insurtech in the region with all major economies contributing to its performance.

This round of investment comprised a consortium of impact investors including BlueOrchard, Women’s World Banking Asset Management (WAM)and Finnfund.

The additional funds will also provide Igloo with an ideal multi-year runway. With 50% of Igloo’s team committed to research & development, the company plans to double down on attracting the best engineering, product, design and data talent across all geographies. Igloo is also in the process of identifying and closing on various M&A opportunities to help it move swiftly towards its vision for ‘Insurance for All’.

Raunak Mehta, co-founder and CEO at Igloo, said, “The support from our investors underlines the value of our technology proposition in making insurance accessible and affordable for the underserved communities, especially gig economy workers and MSMEs. As a leading insurtech firm in Southeast Asia, building sustainable ecosystems is a prerequisite for us. We are now well positioned to leverage our expertise and accelerate our growth across the region and further strengthen our products and services portfolio that addresses the traditional insurance gaps.”

Seoul, South Korea – K-pop startup Modhaus has announced US$8m in funding for the development of its blockchain model Cosmo, dedicated to empower fan engagement through digital token purchases.

With said funding, Modhaus’ total fundraising adds up to US$12m. Investors include Sfermoin, alongside SM Culture Partners, Laguna Investment, Globalbrain (KDDI), and Foresight Ventures.

The new funding will aid in Modhaus’ vision of expanding Cosmo into “the K-pop equivalent of LinkedIn or Kickstarter.”

For the startup, Modhaus enables fans to directly elevate and influence artists, as opposed to producing content strictly for consumption. Its Cosmo platform uses blockchain technology to allow fans to purchase digital photocards that double as voting tokens. 

With this system, Cosmo empowers fans to actively participate in significant idol group-related decisions.

Jaden Jung, CEO and co-founder of Modhaus, said, “K-pop fans possess keen insights. With their sharp eyes for talent and trendspotting, we aim to enhance artist value through amplified fan involvement.”

Meanwhile, Joseph Baek, EVP and co-founder of Modhaus, commented, “Superfans are emerging as pivotal players in the music sphere. Strengthening the direct connection between fans and artists not only elevates the fan experience but also introduces a new level of engagement.”

Washington, United States – The World Bank’s board of executive directors approved a total of US$600m in funding to support the digitalization reforms in the Philippines through its First Digital Transformation Development Policy Loan (DPL). 

The funding project aims to promote digital transformation and digital infrastructure policies, extend financial inclusion through digital finance, and stimulate the growth of digital services. It will also aid the government in digitising its operations and service delivery, compete in the digital infrastructure markets, and encourage the adoption of digital payments and financial services. 

The World Bank’s funding support is also expected to facilitate reforms that promote e-commerce, enhance competition and value-added activities in digital services markets, and strengthen skills development in the industry. 

The Philippines has experienced rapid growth in terms of internet use. However, the country is still lagging behind in terms of fully capitalising on the advantages of digital technology.

Furthermore, the World Bank sees that widespread adoption of digital payments in the country can benefit millions of citizens and small businesses. Only a small percentage of small businesses are able to fully embrace digitalization because of its high cost.

The World Bank seeks to address these concerns through DPL, which will support reforms aimed at enhancing competition and investment in broadband services in the country to reduce costs and improve the quality of services and access. 

Furthermore, the funding will promote broader acceptance of digital payments, strengthen trust in digital financial services, and enhance competition in digital financial infrastructure. It will help the authorities expand the reach of digital financial services to underserved and unbanked segments of the population, including women, and facilitate the transition from a predominantly cash-based economy to a digital one. 

Ndiamé Diop, country director for Brunei, Malaysia, the Philippines, and Thailand at the World Bank, said, “Greater adoption of digital technology can improve the efficiency and transparency of government services, empowering individuals who were previously far away from decision-making centers. Digitalization can also drive productivity growth by reducing operating costs for firms and enhancing their resilience and preparedness for future crises.”

Speaking on the funding project, Smita Kuriakose, lead economist at the World Bank’s Finance, Competitiveness, and Innovation Global Practice, shared, “Transitioning to a cashless economy would provide various benefits, especially during climate-related and natural disasters, enabling the government and the private sector to respond swiftly and efficiently. With digital transactions, affected individuals can receive government assistance or insurance payouts promptly, facilitating their recovery and rebuilding efforts.”

Manila, Philippines – BillEase, a consumer finance app in the Philippines, has closed an up to US$ 20m debt facility arranged by Helicap Securities, a Singapore-based financial technology company providing private debt investment opportunities for accredited and institutional investors, bringing the total raised by the lending platform to US$55m in debt and equity.

BillEase said that it is well positioned to further expand the reach of its financial services in a market where low-cost credit is not accessible enough for many consumers. The Philippines is amongst the emerging markets with low credit card penetration but has a tech-savvy and digitally-forward population, creating more growth opportunities and capturing a largely underserved market for the company.

Earlier this year, BillEase raised US$11m in a Series B round led by BurdaPrincipal Investments, the growth capital arm of German media and tech company Hubert Burda Media. Centauri – a joint investment vehicle of MDI Ventures and KB Investment, 33 Capital, and Raisin DS CEO Tamaz Georgadze also joined the round. While in March, BillEase also raised US$20m in secured debt from the UK-based Lendable, an emerging market credit provider, to further accelerate the growth of its lending products.

Georg Steiger, CEO and co-founder of BillEase, commented that they are delighted to have secured a new facility which will further grow and expand their loan portfolio, demonstrating the confidence private investors have in their sustained growth trajectory and profitability.

“Being able to collateralise our loan book allows us to access funding to continue serving our fast-growing, underserved customer base. Our new funding comes at the right time as we develop and launch new products and continue to see strong growth. At the same time maintaining profitability means we can be a sustainable and long-term partner for consumers and merchants,” Steiger said.

Meanwhile, Zhiwei Tan, executive director of Helicap Securities, said that they are excited to support BillEase’s growth with this debt facility, and they are impressed by the company’s growth over the past 3 years and its mission to further financial inclusion in the Philippines. 

“The rising acceptance of digital payments is changing the landscape of consumer lending and we are seeing BillEase as one of the few companies that can leverage and scale with the use of their AI-driven credit engine which allows them to offer consumer-centric, responsible financial products and highly personalized digital experience,” added Tan.

This year, BillEase has also launched its in-store QR payment to tap into payment transactions that usually happen offline as well as payment links which are now highly used in social commerce, allowing the company to offer an omnichannel shopping and payment experience for both customers and its merchants.

Singapore – Singapore-headquartered fintech company FOMO Pay has secured a US$13m investment, which will be used to accelerate its growth and to invest in talent acquisition and infrastructure. 

The Series A round was led by Jump Trading Group’s digital assets arm Jump Crypto. Other participating investors also include HashKey Capital, Antalpha Ventures, Ab Initio Capital, and Republic Capital.

FOMO Pay will also use the funding to strengthen its research and development capabilities, as well as to bolster its geographical expansion. Moreover, the firm will extend its client base, expand geographically, and diversify its product offerings.

Louis Liu, founder and CEO of FOMO Pay, noted that they are seeing significant growth across all business lines, as their volumes for the first half of 2022 have already surpassed the full-year 2021 levels, and their client pipeline is extremely strong.

He further shared that they will continue to strive hard towards building Asia’s first licensed payment ecosystem with interoperability between fiat and cryptocurrencies, and they are grateful for the unwavering support and belief from their investors, stakeholders, and partners. 

“We are extremely proud and grateful to be one of the front-runners in this industry in Singapore. Singapore has been at the forefront of innovation with a world-leading licensing and regulatory framework. Our goal is to work in harmony with all stakeholders, on both developmental and regulatory approaches to achieve the vision of Singapore as an innovative and responsible global digital asset hub,” said Liu.

Meanwhile, Tak Fujishima, head of Asia of Jump Crypto, said, “FOMO Pay has established its firm footing as a leading local digital payment and banking solution provider which we believe is the future gateway for financial services. The financial technology space is rapidly evolving and we believe FOMO Pay will continue to be a leading innovative player in this space in creating a seamless and secure payments ecosystem.”

Singapore – Bounty Media, a pioneer of zero-party data technology with a platform that empowers consumers and brands, has closed an oversubscribed Pre-A round of US$1.8m. This round was led by SOSV along with Vectr Fintech Partners, ASTOR Management, Black Kite Capital, Plug and Play Ventures, and Quonota Investment, as well as High Cosmos, and Revium.

Through the new funding, Bounty will continue its rollout across SEA and the rest of APAC through 2022 and 2023, expanding its content partners with a plan to reach one billion-person audience by the end of 2023. 

Founded by Claes Loberg and Jake Denney in Singapore, Bounty launched in Indonesia in 2021 and has now expanded operations into three additional markets, which include Thailand, Malaysia, and the Philippines. Its unique service empowers consumers to control their personal data and be rewarded for sharing it with the advertisers they trust.

Claes Loberg, co-founder of Bounty Media, commented, “We’re excited to close out this oversubscribed round with this great group of investors and advisors. We’re now busy expanding our team in Singapore as we continue our vision of developing the foundation of a marketplace for 1 billion consumers to sell their data for $1 a day.”

Meanwhile, William Bao Bean, managing director of SOSV’s Orbit Startups, noted, “We’re in the middle of a revolution in data privacy that most brands and consumers are trying to understand how to navigate. Bounty has already gained traction with its easy and transparent solution that empowers both consumers and the brands that they trust. We can’t think of a better team to take on this mission.”

Vietnam – Vietnam’s digital investment platform, Finhay, has secured a US$25m Series B round co-led by Openspace Ventures and VIG. The round also counts Insignia, TVS, Headline,TNBAura, and IVC, amongst those who participated. 

Alongside this fundraising, Finhay has bolstered its market-leading position with the acquisition of a securities brokerage, making it the only licensed digital investment platform in Vietnam. The new capital will be used to invest in strategic business expansion, talent acquisition, and technology development.

Finhay aims to provide Vietnamese consumers with easy and convenient digital access to financial services. With a youthful and ambitious population now looking to invest, the market holds significant promise and Finhay has been able to capture users seeking to capitalise on this opportunity – amassing more than 2.7 million registered users. In 2021 alone, it gained 150% more users, buoyed by the release of four new products, namely cash-wrapped accounts with CIMB, gold trading, a 12-month saving product, and stock trading.

Huy Nghiem, CEO and founder of Finhay, commented that they are thrilled to welcome Openspace, VIG and other investors, and look forward to how their funding and understanding of Southeast Asian fintechs help accelerate Finhay’s growth.

“A large number of people are now looking for ways to start investing – often for the first time, and we are exploring different ways to enable them. It’s such an important inflection point,” said Nghiem.

Meanwhile, Jessica Huang Pouleur, partner at Openspace, said, “Finhay is already emerging as the clear frontrunner in Vietnam’s booming investment space. We believe a massive opportunity exists in Vietnam, which has an enterprising population hungry for the chance to invest smartly. Finhay’s recent developments have paved the way for continued growth as a broader wealth creation platform. We are thrilled to partner with Huy and the relentless Finhay team in their mission.”

Malaysia – RPG Commerce, a Malaysia-based direct-to-consumer (DTC) e-commerce company, has secured US$ 29 million in a Series B funding round led by East Ventures, UOB Venture Management, Vertex Ventures SE Asia & India (VVSEAI), and RHL Ventures. VVSEAI previously led RPG Commerce’s Series A funding and has continued to invest in this current round.

The funds raised will be channeled into future-proofing the company’s technology and development processes, as well as developing and expanding RPG’s brand-portfolio to create revolutionary consumer products. RPG currently hosts a suite of 10+ in-house international brands, including apparel & homeware brands Thousand Miles, Bottoms Lab, Montigo, Cosmic Cookware & more. 

RPG Commerce’s multi-brand business model launches, operates, and optimizes a globally successful suite of DTC brands by owning the development, production, and delivery processes end-to-end. Striving to create an exceptional standard of living for customers by creating innovative solutions to everyday problems, RPG is powered by cutting-edge back-end technology and a leading team of creative visionaries, which has resulted in a rapid brand portfolio expansion and customer base growth of 300% over the past year.

Melvin Chee, co-founder and CEO of RPG Commerce, shared, “RPG Commerce’s mission is to provide value that exceeds the expectations of our customers. We are proud to have delivered game-changing, customer-centric products and services by creating high-quality essential items through our DTC model that are accessible at their fingertips and delivered straight to their doorstep. With this round of funding, we aim to rapidly expand our talent pool across the entire organisation and enhance our technological capabilities in addition to expanding our suite of brands to further disrupt the consumer landscape.”

Evolving beyond its primary DTC business model, RPG’s ‘shared backend infrastructure’ enables other businesses and brands to leverage RPG’s technology framework through partnerships. Passionate about supporting independent businesses with in-demand products and solutions, RPG is also looking forward to empowering smaller businesses through incubation programs and acquisitions to expand its range of consumer-centric products across different verticals. 

Meanwhile, Willson Cuaca, co-founder and managing partner of East Ventures, commented, “RPG takes a multi-category, multi-brand approach, while retaining the roll-up model as an option, making them a unique and successful player in the e-commerce landscape. It is critical for DTC businesses to build traction internationally to ensure success, and RPG stands out as a company that has been able to grow a loyal customer base across the US, Canada, and Europe by building consumer trust through quality products and supply chain innovation. “

Cuaca added, “We are excited to support RPG on the next leg of their growth and are looking forward to watching the brand expand their portfolio and grow in new markets across Southeast Asia.”