Financials
Profile: Charles Li
Charles Li became known as a financial markets reformist during his stint in charge of Hong Kong’s stock exchange. He continues in the same vein at the helm of fintech start-up Micro Connect
Philippines fintech start-up gets $16m Series A
Abu Dhabi’s ADQ has backed a USD 16m Series A round for a Philippines-based financial technology start-up founded by former executives of Russian digital banking leader Tinkoff Bank.
Warburg Pincus commits $350m to SE Asia insurance platform
Warburg Pincus has seeded a digital insurance platform for Southeast Asia with a USD 350m equity commitment and two recent acquisitions from Spain-headquartered insurance giant Mapfre.
Singapore's Bolttech hits $1.5b valuation with Series B
Singapore's Bolttech, an insurance technology provider set up by Pacific Century Group in 2020, has raised an undisclosed sum in Series B funding, claiming a valuation of USD 1.5bn.
SIG leads Series B extension for SE Asia payments start-up
Southeast Asia-focused B2B payments specialist Ayoconnect has closed a Series B extension of USD 13m led by SIG Asia. CE Innovation Capital and Prosus-owned PayU also took part.
East leads $10m round for Indonesia fintech player Alami
East Ventures has led a USD 10m pre-Series B round for Indonesia’s Alami, a sharia-compliant financial technology provider and small business lender.
Japan digital bank Nudge raises $16m Series A
Japanese digital bank Nudge has completed a USD 16m Series A round led by One Capital, a VC firm led by the former head of Salesforce Ventures Japan.
Warburg Pincus to buy majority stake in India's Vistaar Finance
Warburg Pincus has agreed to acquire a majority stake in Vistaar Finance, an India-based non-banking financial company (NBFC) that serves micro, small, and medium-sized enterprises (MSMEs).
Airwallex raises another $100m, valuation holds steady
Hong Kong-based Airwallex, a cross-border payments provider turned broader financial technology platform, has raised USD 100m in a second extension to its Series E round at a valuation of USD 5.5bn. It comes 11 months after the company secured the same...
Citi, Accel back Hong Kong crypto start-up Xalts
Citi Ventures and Accel have invested in Hong Kong-based Xalts, a start-up founded by former HSBC and Meta personnel, with a view to facilitating digital asset management for institutional investors.
India's TVS Capital recruits managing partner from Flourish
Anuradha Ramachandran, who was previously an India-based director at financial technology specialist Flourish Ventures, has joined TVS Capital Funds as a managing partner.
PayU terminates $4.7b acquisition of India's BillDesk
The USD 4.7bn acquisition of Indian payments app BillDesk by industry peer PayU – which was poised to facilitate exits for the likes of TA Associates, General Atlantic, and Temasek Holdings – has collapsed.
India mass market: Bharat dreams
A labyrinth of logistical, cultural, competition, and business modelling challenges is curbing private equity appetite for India’s quickly modernising proletariat
Japan's Nomura launches blockchain VC unit
Japan’s Nomura Holdings has launched a business called Laser Venture Capital that will invest in companies in the blockchain and digital assets space.
India insurance start-up Zopper raises $75m
Indian private equity firm Creaegis has led a USD 75m Series C round for local insurance technology provider Zopper.
Indonesian crypto exchange Reku raises $11m
Indonesia’s AC Ventures has led a USD 11m Series A round for Reku, a local crypto exchange that claims to offer the lowest fees in the market.
Indonesia’s Fazz raises $100m Series C
Indonesia’s Fazz, a financial services provider for Southeast Asia micro businesses, has raised a USD 100m Series C round featuring Tiger Global, DST Global, and B Capital Group.
Affirma leads $217m investment in Korean digital insurer
Affirma Capital has led a KRW 300bn (USD 217m) funding round – at a valuation of KRW 1trn – for Carrot General Insurance, a South Korea-based digital insurer.
Deal focus: Jai Kisan taps India rural resurgence
The founders of technology-enabled credit platform Jai Kisan went against the grain by forgoing urban customers and targeting India’s rural poor. A USD 50m Series B is an indicator of its progress
Singapore, Thailand blockchain remittance player gets $50m
Singapore and Thailand-based Lightnet, a blockchain-enabled payments and remittance services provider, has raised USD 50m from US-based LDA Capital.
Rise Fund, Norwest lead $110m Series D for India's EarlySalary
TPG’s Rise Fund and Norwest Venture Partners have led a USD 110m Series D round for EarlySalary, which claims to be India’s largest consumer lending financial technology start-up.
NZ Super, ACC exit Kiwibank via $1.3b NZ government buyout
New Zealand Superannuation Fund (NZ Super) and Accident Compensation Corporation (ACC) have exited state-owned Kiwibank at an implied valuation of NZD 2.1bn (USD 1.3bn).
India rural fintech player Jai Kisan raises $50m
India’s Jai Kisan, a financial technology start-up focused on digital banking in rural areas, has raised USD 50m in Series B funding from a group including DG Daiwa Ventures and Blume Ventures.
Tiger Global leads Series B for India savings platform Jar
Tiger Global Management has led a USD 22.6m Series B round for ChangeJar Technologies, operator of India-based savings and investment app Jar, at a valuation of more than USD 300m.