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Uploan secures US$15M from Lendable to expand its payroll financial services beyond Philippines

Uploan

Uploan, a Philippines-based fintech company providing payroll financial services, has raised a senior secured loan of up to US$15 million from debt financer Lendable.

As per a press note, US$6 million will be available for immediate usage to support Uploan’s “fast-growing” demand.

Uploan is Lendable’s first client in the Philippines. The long-term facility will allow Uploan to grow its loan book, redeploy Lendable’s capital and hold more exposure on-balance sheet.

The transaction’s security structure, complying with new regulations adopted in 2020, also establishes a secured debt infrastructure that paves the way for the fintech company to expand its institutional debt into the future.

Founded in 2017, Uploan offers loans, salary advances and insurance products — with the goal of improving the financial well-being of working Filipinos.

The company claims it currently partners with over 100 corporates in the Philippines.

Also Read: Gimo secures seed funding to provide transparent payroll services to Vietnam’s underbanked workers

Uploan admitted that it faced its fair share of headwinds during the pandemic. As the country imposed a lockdown and its GDP plunged by 10 per cent, two debt repayment moratoriums froze Uploan’s revenue for an extended period.

Despite that, the company claims it grew its customer base to more than 300,000 employees serviced while avoiding a spike in non-performing loans

“Filipinos are facing unprecedented financial distress and many don’t have enough money to make ends meet despite being in employment. The debt facility we have closed with Lendable will be catalytic in enabling us to better meet the needs of our fast-growing employee pool. Working with progressive employers, we are committed to helping millions of Filipinos move out of financial distress over the coming years,” said Liam Grealish, CEO of Uploan.

“We are excited to close this facility with Uploan and expand our reach to new markets in Southeast Asia. The team has navigated the exceptionally difficult operating and macroeconomic environment in the Philippines during covid. Through the diligence process, we have seen Uploan evolve and emerge as a stronger firm,” noted Aaron Collett, Head of Asia Origination at Lendable

“The company is poised to scale further at a time when the broader financial sector is pulling back, a high-impact opportunity to provide financing when people face extreme economic conditions and need financial access the most. Uploan’s prudent business model, digitization of processes and team expertise has allowed them to successfully underwrite risk in difficult times,” he added.

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Image Credit: Uploan

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In brief: SEEDS Capital invests in TurnKey Lender; Finology in the final five of Seedstars World competition

SEEDS Capital, others invest in B2B fintech firm TurnKey Lender

About TurnKey Lender: A SaaS company, it designs and develops software solutions that automate the entire lending process with market-leading time-to-market.

Other Investors: DEG (lead), Vertex Ventures, OSK Ventures International, and Majuven.

What the new funding will be used for: Scaling, expansion of its R&D and business development facilities, and strengthening of market positions.

More about the story: Turnkey’s software is used by traditional, alternative, and embedded lenders in over 50 countries.

During the post-COVID outbreak, the company claims to have tripled its ARR year-over-year and increased its core customer base.

“As we continue to experience rapid growth, this capital injection will help us firmly establish our SaaS-based digital lending platform as the leading solution to address today’s economic needs for smart and turn-key financing automation and will allow TurnKey Lender to further accelerate our international expansion,” Dmitry Voronenko, co-founder of TurnKey Lender, said.

Ryde to launch new premium private car service

About RydeLUXE: Ryde, a mobility app company based in Singapore, has launched RydeLUXE, which caters to the ultra-luxury market of business executives, tourists, and premium customers who like to travel in comfort with professional drivers in spacious six-seaters vehicles.

Business owners, restaurants, and hotels can provide this service to guests looking for a premium ride via a partnership with Ryde.

More about the story: RydeLUXE beta trials are ongoing at the moment. The premium service will be officially launched in Singapore on 29th April 2021.

Also Read: Ryde plans for IPO on SGX, aims to capture 30 per cent of Singapore’s ride-sharing market

“The launch of RydeLUXE reflects our belief and commitment to introduce innovative features for the ride-hailing market. It also marks a significant milestone for us, as we enter the ultra-luxury market and cater to a different clientele,” Terence Zou, founder of Ryde Technologies, said.

Malaysian fintech startup Finology reaches final five of Seedstars World Competition

About Finology: A fintech startup that enables seamless access to financial products and services.

Its technology has been deployed in 4 countries, and its APIs are used by various large companies that include GHL, iProperty, and Tropicana.

About Seedstars World Competition:  Seedstars World Competition aims to find the most promising early-stage startups in emerging markets.

Qumulo expands to Asia Pacific

The objective: The expansion to APAC builds on the increasing demand for the American data storage company’s Qumulo File Data Platform in APAC across major verticals, including healthcare, industrial manufacturing, automotive manufacturing, government, media and entertainment, and research computing.

Also Read: Malaysian insurtech startup PolicyStreet wins Seedstars Kuala Lumpur

About Qumulo: A file data platform for multi-cloud environments, providing freedom, control, and real-time visibility for file data.


Image Credit: Unsplash

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COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

Entering 2021, despite challenges here and there, the world finds itself making an attempt to rise from the impact of COVID-19.

Industries that have been hit the hardest by the pandemic began to launch initiatives to recover. Take the example of the tourism industry in Singapore, which is working closely with tech startups to provide a safe travel experience for tourists. Or, closely related to the tourism industry is the MICE industry, that have conducted major events such as the World Economic Forum and RISE in Southeast Asia.

The questions that remain are mostly related to the environmental impact of the virus attack, and whether we are ready to recover from it.

In the early days of the arrival of COVID-19, there were reports about air and sound pollution decreasing in many places around the world. This is strongly related to the lockdown measures as implemented in many countries.

However, as lockdown measures starting to ease in countries that have been hit by the pandemic earlier, things are coming back to square one.

In June, National Geographic stated in its headline that COVID-19 will end up harming the environment. It detailed in its report that in countries such as China, pollution level has already started to return to pre-pandemic times as “factories pushed to make up for the lost time.”

The report also predicts “bolder” lobbying moves from businesses that have been known to be massive polluter such as coal.

Also Read: Making cross-border partnerships work within a COVID-19 reality

Where the focus should be

What has been done to tackle this issue? The answer might vary depending on which market you are focussing on.

The Platform Redesign 2020, an initiative that builds upon the 11th Petersberg Climate Dialogue and the UNFCCC’s June Momentum for Climate Change, showcases the range of policies that governments are doing to tackle the environmental impact of COVID-19. This includes initiatives from governments in Southeast Asian (SEA) countries such as Cambodia, Indonesia, and Singapore.

But on the ground, there is often a gap between the policy that has been proposed and its implementation.

In an interview with e27, Tiza Mafira, Executive Director at Gerakan Indonesia Diet Kantong Plastik (IDDKP), explains the rising environmental problems that are directly related to the pandemic. It includes the illegal dumping of medical waste from hospitals, which triggered by the sheer size of medical waste produced during the time.

There is also an uptick in plastic waste that is the result of increasing food delivery and online shopping activities.

“There is a perception [among F&B businesses] that the pandemic is an unusual time and they could get away with increasing use of plastic utensils for sanitary reasons. There is also a push from the plastic industry that plastics are the best to safeguard your safety and health; it succeeded in scaring people off, developing this paranoia,” she says.

Even when major food delivery platforms such as GrabFood or Go-Food have been providing options for users to opt-out of plastic cutleries, or to pay for their use, there is no enough awareness from merchants to actually use the feature.

“They could have just applied it universally,” Mafira stresses, calling out other e-commerce platforms to provide an option for plastic-free delivery packagings.

What the ecosystem can do

In tackling this issue, the private sector –as represented by the tech startup ecosystem– has an important role to play.

Also Read: Alienated-from-home: How to enhance corporate belonging in a post-COVID-19 world

In Indonesia, Mafira mentions that there are already startups building solutions to improve waste management. “In Jakarta alone, there are about five or six companies working in private waste management or collection. Some of them are using apps, technologically advanced, user-friendly methods.”

Academicians such as Tanjena Rume and S.M. Didar-Ul Islam of Jahangirnagar University, Bangladesh, have even proposed steps that can be taken in order to curb the environmental impact of the COVID-19 pandemic.

They included: Sustainable industrialisation, use of green and public transport, use of renewable energy, wastewater treatment and reuse, waste recycling and reuse, ecological restoration and eco-tourism, behavioural changes in daily life, and international cooperation.

From this list alone, we can see that the opportunity for tech startups to contribute is vast enough already. It provides rooms for startups in various verticals to innovate, from SaaS platforms to electric vehicles to waste management to even travel tech platforms.

And how can they make this contribution sustainable?

It has been said many times that the key to a startup’s success is finding that product-market fit. As elaborated in the popular business methodology Lean Startup, many startups fail simply because they never reach out to customers to find out if the solutions are really what the users need.

In the context of working to solve environmental challenges, startups can always work together with different parties to help them get a deeper understanding of the problem, the gap between policy and implementation, and a more holistic view of the existing opportunities.

The need for collaboration has become more urgent as vaccines become more widely available and safety measures are bein eased up in many countries –as the world is slowly returning to normal.

We are rushing with time to make sure that a solution is readily available when needed.

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Deel, the global startup who reached unicorn status, enters APAC

MIT alumni Alex Bouaziz and Shuo Wang Co-Founded Deel in 2018

Deel, the international payroll company shattering hiring barriers worldwide, announced today that it has raised $156 million in Series C funding led by the YC Continuity Fund and has welcomed Ali Rowghani to its board. The round was co-led by existing investors Andreessen Horowitz and Spark Capital. Dara Khosrowshahi, Lachy Groom, Jeffrey Katzenberg, Jeff Wilke, and Anthony Schiller also participated in the round, among others. With a valuation of $1.25 billion, Deel has emerged as a market leader in the global payroll and compliance space.

Deel allows businesses to hire anyone, anywhere, in a compliant manner. Hiring and onboarding international employees or contractors takes under 5 minutes, with no local entity required. Paying them in 120+ currencies takes just a click.

Addressing pandemic pain points

Deel was co-founded in 2018 by MIT alumni Alex Bouaziz and Shuo Wang. Deel was already focused on this pain point when the pandemic hit, putting the startup in a prime position to help companies adjust to the dramatic shift in working and hiring norms.

“We built Deel to be the solution for companies wanting to hire anywhere around the world, from Argentina to Zambia,” said Deel CEO Alex Bouaziz. “We set out to solve a problem that the majority of businesses found inherently daunting. With Deel, we were able to consolidate everything into a product people trust and enjoy using to hire, to pay, and to give their global team members the best experience possible. Now with this third sizable investment, we can’t wait to open even more doors for businesses, employees, and contractors around the world.”

In 2020, Deel grew by 20X in revenue and now supports over 1,800 businesses worldwide. Deel’s explosive growth led to back-to-back funding rounds, totalling $206 million in under a year. With this Series C financing, Deel plans to continue international expansion by tapping into new markets and setting up 80 new Deel-owned entities across the world in 2021. Deel also plans to grow its team by hiring exceptional talent across the globe. Additionally, Deel will continue to improve, build, and grow their product offerings across the board by focusing on features such as employee equity and an open API.

Charging the lead towards the new normal

“The way people work is fundamentally changing and Deel is leading the way,” said Ali Rowghani, from YC Continuity. “Deel was at the forefront of remote work pre-pandemic, and it will be long after. The team is uniquely equipped to remove the obstacles of remote work so companies hire the best talent in the world, instead of only those nearest to them.”

“I’m excited to be investing in Deel the platform, which streamlines the complex minutiae of payments and compliance, removing the obstacles so that companies worldwide can go ahead and hire the best talent anywhere, instead of just the nearest talent to them,” said Dara Khosrowshahi, Uber CEO.

Deel’s team is entirely remote, and has grown from 7 employees to over 120 across 26 countries since January 2020. CB Insights projects the industry for virtual HR software will grow to $43 billion by 2026 as technology platforms like Deel help businesses make the transition to remote-first work.

Strengthening the APAC connection

While this is Deel’s official splash into the APAC scene, their roots in the region have long been cultivated.
For one, almost half of the contractors hired via Deel are based in APAC. For another, they have partnered with Singapore-incorporated NIUM to power their Deel Card. NIUM, the startup formerly known as Instarem, is a major payment institution regulated by the Monetary Authority of Singapore. The VISA program they are approved to operate manages the Deel Card.

Apart from growing its team by hiring exceptional talent across the globe, Deel will continue to improve their product offerings across the board by focusing on features such as employee equity and an open API.

About Deel

Deel is a global compliance and payroll solution that helps businesses hire anyone, anywhere. Using a tech-enabled self serve process, businesses can now hire independent contractors and full-time employees in over 150 countries, compliantly and in minutes. With more than 250 legal, accounting, mobility and tax experts as partners, Deel enables any business to compliantly create, sign and send localised contracts from a library of templates. Deel automates the process of collecting country-specific documents like tax documents from contractors and employees, to ensure they’re correctly set up. The platform also allows companies to pay international contractors and employees in more than 120 currencies with just a few clicks.

Learn more about Deel here.

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This article is produced by the e27 team, sponsored by 
Deel

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Play Ventures buys stake in LuneX Ventures to launch blockchain gaming fund

Play Ventures, a Singapore-based VC firm focused on funding gaming startups, has entered into an agreement with Golden Gate Ventures to acquire a stake in its spin-off LuneX Ventures.

Further details of the deal were not disclosed.

The plan is to launch a new dedicated blockchain gaming fund.

As part of the deal, LunX General Partner Kenrick Drijkoningen will move to Play Ventures, while continuing to head LuneX.

Also Read: Play Ventures closes US$135M fund targeting gaming startups

GGV and Play Ventures look forward to further collaboration across the digital assets and gaming industries.

LuneX currently holds investments in a number of blockchain-enabled startups and tokens.

“By combining our gaming and digital asset expertise, we will be able to occupy a unique position in these converging industries and have a real edge in the market,” said Drijkoningen.

GGV Partner Michael Lints said: “Over the past years crypto and blockchain have made a significant impact on the financial ecosystem and we were fortunate to play a part in that development with Lunex. Now that crypto is widely known and new trends are evolving quickly it makes sense that Kenrick wants to specialize and hone in on his specialty.”

Henric and Harri from Play Ventures added: “Mobile phones revolutionised how gaming can be enjoyed by billions of people. Blockchain is now doing the same to digital rights, payments and marketplaces. We believe that the intersection of both gaming and blockchain will create the ultimate metaverse where people meet, play and trade; a true trillion-dollar opportunity.

Also Read: Charting the rise of hyper casual gaming: An insight into the massive mobile industry

Launched in 2018, LuneX Ventures invests in rapidly-growing blockchain and digital asset industry. The fund has invested in over 20 companies and token projects, primarily seed stage with a focus on Singapore.

Play Ventures invests in early-stage gaming companies. Since December 2018, it has invested in 24 companies across 10-plus different countries.

Earlier this month, Play announced the closing of its second fund worth US$135 million. With Fund II, Play Ventures’s total assets under management is now US$175 million across Fund I and Fund II.

Image Credit: LuneX Ventures

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