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Edition #82, 10 June 2021 | View in browser
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FINTECH SUSTAINS MOMENTUM 

More than 20 startups based in Southeast Asia and India closed new funding in the last two weeks, according to our new deals database Data Vantage

Fintech companies feature prominently among those that recently registered a change in their paid-up capital with Singapore's Accounting and Corporate Regulatory Authority (ACRA), continuing the sector's strong momentum this year. 

Fintech startups dominated fundraising in the first quarter of 2021, inking 65 deals to raise at least $1.1 billion in total proceeds, according to data by DealStreetAsia - Data Vantage

Source: SE Asia Deal Review: Q1 2021, DealStreetAsia - Data Vantage

Companies that allotted new shares in the last two weeks include Singapore-based digital wealth management platform Syfe. The startup raised an additional $3 million from existing shareholder Valar Ventures in June, bringing its total paid-up capital to $12.5 million. 

Fintech startup SPLIT allotted new shares worth $428,000, including a $210,000 capital injection from 500 Durians. Established in 2018 as part of Entrepreneur First’s talent investment programme, the firm enables businesses to offer their customers the choice of paying in up to three instalments online, offline or via social commerce.

Meanwhile, MatchMove Pay allocated new preference shares to Singapura Finance at the end of May. The price per share for the latest allotment was close to what Vickers Venture Partners paid last year (for details, go to Data Vantage).

The transaction is related to the Singapore-listed lender’s disposal of its shares in MatchMove PowerBank, a subsidiary of MatchMove Pay. Singapura Finance has now increased its shareholding in the firm from 1.6% to 1.9% on a fully diluted basis. 

Payment solution providers continue to gain favour as the global pandemic drives the adoption of digital financial solutions.

Temasek-backed Pine Labs, an Indian merchant commerce platform, issued new shares worth $121.4 million in May. Smallcap World Fund led the investment with a $50 million capital injection.

Pine Labs's current shareholders (details available to Data Vantage subscribers)
Source: Data Vantage

Other major deals of note

Indonesia's Social Bella bagged $27 million as part of its latest funding round in May. Investors include Jungle Ventures, L Catterton Asia, Pelago Holdings and Sun Tzu Tech. 

The company had in May announced it was raising 818 billion rupiah ($56.6 million) in fresh funding led by consumer-focused private equity firm L Catterton. The deal marks L Catterton’s first investment in Indonesia. 

Meanwhile, job portal Fastco, a subsidiary of SPH Interactive, raised $2.3 million this month led by Cento FJ Holdings. 

[New Report] Food Delivery Platforms: SE Asia’s Race To Deliver
Food delivery startups — restaurant tech and cloud kitchens included — accounted for a third of the $8.6 billion funding raised by SE Asian startups in 2020, warranting a closer look at the sector. In this report, we discuss the top fundraisers, new entrants, regulations, and why superapps are doubling down on the sector especially in Indonesia and Vietnam.
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