Financials
Apis backs Singapore B2B micropayments player DT One
Apis Partners has invested an undisclosed sum in DT One, a Singapore-headquartered B2B digital micropayments platform with a global customer base.
Indonesia's Qoala raises $65m Series B
Eurazeo has led a USD 65m Series B round for Indonesia’s Qoala, which claims to be the only insurance technology start-up with licenses in three Southeast Asian countries.
Crypto exchange KuCoin raises $150m pre-Series B
Singapore-based crypto platform KuCoin has raised USD 150m in pre-Series B funding from an investor group featuring IDG Capital and Matrix Partners, claiming a valuation of USD 10bn.
DST, WiL lead Series C for Japan's Upsider
DST Global and World Innovation Lab (WiL) have led a JPY 15bn (USD 115m) Series C round for Upsider, a Japan-based corporate credit card issuer. It is said to be the first time DST has taken the lead role in a Japan deal.
Thailand payments company Opn raises $120m
Thailand-based payments technology provider Opn, also known as Synqa and Omise, has raised USD 120m from a group including MUFG Bank.
Singapore's Resolution hits first close on fintech VC fund
Resolution Ventures, a Singapore-based financial technology investor set up last year, has reached a first close of undisclosed size on its debut Southeast Asia seed fund. The target is USD 20m.
Maverick leads $75m round for Hong Kong SaaS player Coherent
Hong Kong-based no-code software-as-a-service (SaaS) provider Coherent has raised a USD 75m Series B round led by Maverick Capital.
GD1 launches New Zealand's first crypto VC fund
New Zealand’s GD1 has launched what it calls the first dedicated crypto and Web3 VC fund in its home market less than a week after a similar claim by PAC Capital in Australia.
Tiger backs India’s Open Financial at $1b valuation
Indian digital banking start-up Open Financial Technologies has received funding from Tiger Global Management, Temasek Holdings, 3one 4 Capital, and IIFL at a valuation of USD 1bn.
Fund focus: MassMutual Ventures widens remit
Having started a Southeast Asia specialist, MassMutual Ventures has broadened its regional coverage to include everything outside of China. Europe is also part of the equation for Fund III
India's Turtlemint closes $120m Series D
Amansa Capital, Jungle Ventures, and Nexus Venture Partners have led a USD 120m Series E round for Indian online insurance broker Turtlemint, taking its valuation close to the USD 1bn mark.
MassMutual Ventures raises $300m for Asia, Europe
MassMutual Ventures (MMV), a global venture capital firm that counts US-based Massachusetts Mutual Life Insurance as its sole LP, has launched a USD 300m fund that will invest in Asia Pacific and Europe.
Hong Kong e-commerce financier secures $250m in debt funding
Hong Kong-based FundPark, a VC-backed liquidity provider for e-commerce merchants, has received an asset-backed securitisation (ABS) facility of up to USD 250m from Goldman Sachs.
Nuveen leads $50m round for India MSME lender Kinara
Kinara Capital, an Indian non-banking financing company (NBFC) that lends to micro, small, and medium-sized enterprises (MSMEs) has received USD 50m in funding led by Nuveen, the impact unit of Teachers Insurance & Annuity Association of America (TIAA).
Singapore's Coda Payments raises $690m
Singapore-based Coda Payments, a financial technology start-up that helps digital content providers accept payments, has raised USD 690m from Smash Capital, Insight Partners and GIC.
SIG leads $210m round for Philippines fintech player Voyager
Voyager Innovations, a Philippines financial technology company, has raised USD 210m led by SIG Venture Capital at a valuation of USD 1.4 bn.
Arkam secures $106m for debut India fund
Arkam Ventures, an Indian VC firm established by Rahul Chandra, formerly of Helion Venture Partners, has closed its debut fund on USD 106m.
KKR buys minority stake in India's Shriram General Insurance
KKR has acquired a 9.99% stake in Shriram General Insurance, an Indian insurer backed by local conglomerate Shriram Group and African financial services group Sanlam, for an undisclosed sum.
ChrysCapital, GIC back $593m India asset management carve-out
ChrysCapital Partners and GIC have teamed up with Bandhan Financial Holdings – an Indian banking and financial services company – to acquire IDFC’s asset management business for INR 45bn (USD 593m).
Aavishkaar hits $130m first close on latest India impact fund
Aavishkaar Capital has reached a first close of INR 10bn (USD 130m) on its latest India impact fund. It is reportedly targeting a final close of USD 200m.
Multiples leads $111m Series D for India NBFC
Multiples Private Equity has agreed to lead a INR 8.7bn (USD 111m) Series D round for India’s Kogta Financial, a non-bank financing company (NBFC) specialising in used vehicles and micro businesses.
Bain buys minority stake in India's IIFL Wealth
Bain Capital has paid INR 33.8bn (USD 484m) for a 24.98% stake in India’s IIFL Wealth Management, taking out positions held by General Atlantic and Fairfax India Holdings.
China MSME financier raises $70m
Micro Connect, a China-based provider of financing to micro, small and medium-sized enterprises (MSMEs), has raised USD 70m in Series B funding.
BNPL: Voodoo economics?
Credit-driven e-commerce is coming to developing Asia with an attractive supply-demand equation and a mix of macro and business-level risks. Start-ups are courting incumbents, not disrupting them
