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Focus Southeast Asia News Roundup – Issue #13

Every fortnight we compile a list of important news updates and events covering Southeast Asia FINTECH, MFGTECH, CLNTECH, and AGRTECH sectors.

For a downloadable copy of Southeast Asia Issue #13

FINTECH

Touchstone Partners launches ‘no-frills’ incubation programme in Vietnam
Vietnam-focused Touchstone Partners has launched a bespoke incubation programme for high-potential founders to develop their initial ideas in Vietnam. Touchstone will invest between US$50,000 and US$100,000 in convertible notes with “simple, straightforward and founders-friendly” terms to kickstart founders’ ideas.
Bobby Liu is the Director of Entrepreneurs-in-Residence at Touchstone

Thailand’s fintech startup Ascend Money lands $150M at a $1.5B valuation
Ascend Money, a Bangkok-headquartered fintech firm providing payment and financial services in Southeast Asia, has secured US$150 million funding at US$1.5 billion.
Monsinee Nakapanant is the Co-President at Ascend Money

Aspire raises $158M Series B to build a full-stack “financial operating system” for Southeast Asian businesses
Singapore-headquartered Aspire, which intends to provide an all-in-one finance operating system (OS) for small and medium businesses (SMEs) in Southeast Asia, has announced an oversubscribed US$158 million Series B fundraise led by an undisclosed global growth equity firm.
Andrea Baronchelli is the Co-Founder & CEO at Aspire

Vietnam’s retail giant Masan acquires mobile virtual network operator Mobicast for US$12.96M
The Sherpa Company, a subsidiary of Vietnamese retail giant Masan Group, has acquired a 70 per cent stake in local mobile virtual network operator (MVNO) Mobicast for VN295.5 billion (US$12.96 million).
Tran Nam Trung is the CEO at Mobicast

Singapore-based logistics startup Ninja Van secures $578M Series E
Singapore-based logistics tech firm Ninja Van today announced that it has raised a US$578 million Series E funding round from existing investors Geopost/DPDgroup, B Capital Group, Monk’s Hill Ventures, and Zamrud, an entity linked to a Southeast Asian sovereign wealth fund.
Lai Chang Wen is the Co-founder & CEO at Ninja Van Group

SoftBank, Warburg Pincus co-lead US$400M+ Series D of Advance Intelligence Group
Advance Intelligence Group, a Singapore-based AI-driven technology company possessing an ecosystem of buy-now-pay-later (BNPL), digital lending, and omnichannel e-commerce products and services, announced today it has secured more than US$400 million in a Series D funding round co-led by SoftBank Vision Fund 2 and Warburg Pincus.
Jefferson Chen is the Co-founder, Group Chairman & CEO at Advance Intelligence Group

OY! Indonesia bags $30m in SoftBank Ventures Asia-led funding round
SoftBank Ventures Asia today announced that it has led a US$30 million (IDR443.2 billion) Series A funding round for fintech startup Oy! Indonesia.
Jesayas Ferdinandus is the Founder & CEO at OY!

Insight Partners leads $34M round in Singapore-based fintech Spenmo
Spenmo, a Singapore-based company that helps businesses manage payments, has bagged US$34 million in a Series A round of financing, led by New York-based PE and VC firm Insight Partners.
Mohandass Kalaichelvan is the Co-Founder & CEO at Spenmo

iPhone co-inventor-backed insurtech unicorn bolttech adds US$30M to Series A
bolttech, a Singapore- and New York-based insurtech company, said today it added more funds to its US$180-million round, announced in July, to take the total funds raised from Series A to US$210 million.
Rob Schimek is the Group CEO at bolttech

Indonesian fintech startup Komunal raises $2.1m from East Ventures, Skystar Capital
Komunal, a fintech company offering neo-rural bank services in Indonesia, has received US$2.1 million in its Series A round of financing.
Hendry Lieviant is the Co-Founders at Komunal

SOCAR raises US$55M in Series B funding round from new investors EastBridge Partners, Sime Darby
Malaysia-based car-sharing platform SOCAR today announced that it has raised up to US$55 million Series B funding round from South-Korea-based EastBridge Partners as well as Malaysian multinational Sime Darby Berhad.
Leon Foong is the CEO at SOCAR

SCB Abacus raises US$12M in Series A to accelerate product development, talent acquisition
SCB Abacus, a Thailand-based alternative digital lending platform, today announced that it has raised US$12 million in an oversubscribed Series A funding round. Led by Openspace Ventures, this funding round also included the participation of Vertex Ventures Southeast Asia and CAI Partners.
Sutapa Amornvivat is the Founder & CEO at SCB Abacus

Touchstone Partners injects US$1M seed funding in telemedicine platform Medigo
Medigo, a Vietnam-based medtech platform, today announced that it has raised US$1 million in seed funding from Vietnam-based early-stage VC Touchstone Partners.
Ha Le is the CEO at Medigo

Singapore’s Carousell becomes unicorn after raising $100m
Carousell Group, a Singapore-based classifieds group, has become Southeast Asia’s latest unicorn after it raised $100 million with a $1.1 billion valuation, according to a company announcement.
Siu Rui Quek is the Co-Founder & CEO at Carousell

in fresh funding led by Tiger Global
Xendit, a payments infrastructure company based in Indonesia, announced today it has secured a US$150 million Series C funding led by Tiger Global.
Moses Lo is the Founder & CEO at Xendit

Ayoconnect snags US$10M pre-Series B to democratise Open Finance in Indonesia
Ayoconnect, an Indonesia-based financial Application Programming Interface (API) platform, today announced the completion of its US$10 million pre-Series B fundraising round from investors such as Mandiri Capital Indonesia and impact VC firm Patamar Capital.
Jakob Rost is the Founder & CEO at Ayoconnect

Thai social data analytics firm Wisesight secures $7m funding
Wisesight, a social media analytics solutions startup in Thailand, has secured more
than US$7 million in a Series B financing round co-led by Thai bank Krungsri’s VC arm Krungsri Finnovate and Japanese IT solutions giant TechMatrix.
Kla Tangsuwan is the CEO at Wisesight

Thai accounting SaaS startup FlowAccount nets US$4M to scale its small bizoffering
Thai accounting SaaS firm FlowAccount has raised US$4 million in a Series A round led by Sequoia Capital India, Tech In Asia reports.
Kridsada Chutinaton is the CEO & Co-founder at FlowAccount

SG proptech startup Ohmyhome to boost data-matching technology after raising $5m
Ohmyhome, a one-stop-shop property platform based in Singapore, has secured US$5 million in a fresh round of financing from local investor Swettenham Blue.
Rhonda Wong is the CEO at Ohmyhome

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