Indonesia-based wealth tech startup Pluang today announced that it has raised an additional US$35 million, bringing its total funding raised this year to US$55 million.

Led by Square Peg, this funding round included the participation of SIG, UOB Venture Management and existing investors such as Go-Ventures and Openspace Ventures.

This update followed the US$20 million funding round the company announced earlier in March.

“We have been fortunate to double down on Pluang in every funding round making it one of our core portfolio holdings. We continue to be impressed by Pluang’s product innovation, best-in-class unit economics, and growth. We look forward to working with the team closely in the years to come,” said Aditya Kamath, partner of Go-Ventures.

In a press statement, Pluang said that the funding “will allow the company to accelerate proprietary products to market for its growing customer base and hire best-in-class talent to continue on its mission of helping everyone experience the thrill of investing wisely.”

Also Read: Peter Thiel’s Valar Ventures leads Singapore wealthtech startup Syfe’s US$30M Series B round

The company said that of all the existing wealth tech startups in Indonesia, it offers the broadest suite of asset classes for retail investors, enabling them to invest in gold, equity indices, mutual funds and cryptocurrencies.

It allows users to make micro-savings and micro-investing contributions from as low as ~US$0.50 across asset classes within one app.

The diversification that it enables is aimed to help first-time users reduce risk. It also puts emphasis on financial education on investing and long-wealth creation; it is especially relevant for a market with relatively low financial literacy such as Indonesia.

According to a report by The Jakarta Post, lifestyle and lack of tech adoption play a role in this problem.

Pluang’s services are available as mini-apps within larger ecosystems such as Gojek, Dana, and Bukalapak. The company is planning to be available on more platforms in the future.

Founded in 2019 by Claudia Kolonas and Richard Chua, the company said that it has amassed almost three million registered users while remaining incredibly capital efficient, with less than US$3 million of marketing spend to date.

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Image Credit: Pluang

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Singapore-based Jungle Ventures said today it has hit the first close of its fourth fund at US$225 million.

The VC firm targets to raise US$350 million for this fund, which it claims is the largest early-stage fund to be launched in Southeast Asia this year.

As reported by Techcrunch, most of the existing limited partners, including Temasek, IFC, DEG, and some Asian and global family offices, invested. 

Upon the disbursement of Fund IV, Jungle Ventures plans to invest in 12 to 13 startups from seed to Series B. The ticket size will range from US$1million to US$15 million. 

Founding Partner Amit Anand told Techcrunch that Fund IV aligns with Jungle Ventures’s pace of raising a new fund every 2.5 to 3 years since its inception in 2012. He added that Jungle has shown a strong track record, with companies from its 2016 Fund II paying about 7x on the fund today.

Jungle counts FinAccel, B2B e-commerce unicorn Moglix, beauty e-commerce platform Sociolla, and Vietnam’s merchant platform for micro firms KiotViet, among its high-profile investees. 

Also read: KKR, Jungle Ventures join Vietnam’s merchant platform KiotViet’s US$45M Series B

Anand also emphasised his close interest in social commerce startups. This is demonstrated through Jungle’s follow-on investment in Indonesia-based social commerce startup Evermos‘s US$19.5 million Series B last month. 

Anand added that Jungle’s LPs have co-invested US$400 million co-investments in its portfolio companies so far. 

“We typically invest in a company when it has a little bit of a product-market fit in its home market, and then we can help regionalise the business,” Anan said. “We’re one of the oldest funds in the region and we haven’t seen as good a time as today to be in the tech ecosystem in Southeast Asia.”

Besides focusing primarily on Southeast Asia, the VC firm also invests in India. As stated by Anand, Southeast Asia and India have a strong cross-pollination of talent, ideas, learning, and capital.

In recent years, growing exit announcements from companies such as Indonesia’s Bukalapak and GoTo, Malaysia’s Carsome, Thailand’s Builk One Group, and Vietnam’s VNG and Loship, have set the tone for the hyper-interest of global investors in the region. 

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Image credit: Jungle Ventures

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Fundiin, a Vietnamese buy-now, pay-later (BNPL) startup, announced today it has closed an oversubscribed seed round at US$1.8 million.

The round saw participation from a slew of new and existing investors, including Japan’s Genesia Ventures and JAFCO Asia, Singapore-based Trihill Capital and 1982 Ventures, and Vietnam-based Zone Startups Ventures.

Some former executives of global BNPL giant Affirm (Xffirmers) also backed Fundiin’s latest funding.

According to a press statement, Fundiin will utilise the capital to expand its operations, strengthen the executive team and press ahead with its upcoming Series A round.

Founded in 2018 by CEO Cuong Anh Nguyen and CTO Nam Hoang Vo, Fundiin started as a digital payment solution provider, targeting Vietnam’s population of 97 million and rising middle-class consumers. Later in mid-2020, the company started to offer a BNPL option to consumers at the point of sale, free of charge. This method helps customers pay in instalments with or without interest while paying providers a total amount upfront.

“Lending products have earned a bad reputation as money-draining traps that leave consumers stuck in a cycle of debt,” Fundiin CEO and co-founder Cuong Anh Nguyen, stated. “Vietnamese consumers are in urgent need of products like Fundiin that work for them and protect their interest.”

Also read: Why BNPL will change the payment landscape in Vietnam?

Fundiin claims to have collaborated with over 100 merchants, including some of the country’s well-known retailers such as Lug, Vua Nem, Mat Viet, Giant International. It boasts of increasing retailers’ sales by 30 per cent without utilising a credit card or an application.

In July, Fundiin also teamed up with Vietnamese B2B e-commerce company Sapo to provide the BNPL payment option at checkout for Sapo’s 100,000 merchant client base.

BNPL is gaining ground among other payment options such as credit cards, instalment loans and mobile wallets’ lending products as it is “faster, easier and free for consumers.” This solution has long been going places in the world but has only picked up pace in Southeast Asia in recent years with some success cases from PayLater in Indonesia, and Atome and Hoolah across Hongkong, Singapore and Malaysia.

Amid the pandemic, the method is ripe for an explosion as it is able to assist consumers in their shift to online shopping. According to JP Morgan, Vietnam’s e-commerce is forecast to increase 19 per cent per year to 2021, urging global players to take bets on the BNPL sector.

Last month, Singapore-based FinAccel, the parent company of Indonesia’s BNPL giant Kredivo, formed a joint venture with local investment firm Phoenix Holdings, signalling its intention to penetrate the Vietnamese market.

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Image credit: Fundiin

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The COVID-19 pandemic has exacerbated the disparity in access to capital for female-led startups. However, there has been a global trend of investors betting on these “wonder women”. 

The funds pumped into women-led businesses reached US$46.3 billion in 2019. That’s more than twice the number a year before and more than 15 times that in 2010.

Several significant initiatives have also ridden on this tailwind. 

The “She Loves Tech” competition has enabled more than US$250 million in funding for roughly 5,000 female-focused startups across 40 countries. Australian Aid and Frontiers Lab Asia has also sponsored a training programme for angel investors to explore gender lens investing opportunities. 

If you are also scouting startups founded or co-founded by women in Southeast Asia, here is the list of 27 prominent startups established in the past three years.

1) Green Rebel 

Co-founded by Helga Angelina Tjahjadi in 2020, Green Rebel is an Indonesian foodtech startup that creates whole-cut plant-based meats with Southeast Asian flavours in mind. 

The startup promotes the use of locally derived foods and is working to establish a worldwide brand from one of the world’s most beautiful destinations. It aims to provide meat to customers without the health & environmental tax that comes with it.

Earlier this year, Green Rebel secured US$2 million in a seed round led by Teja Ventures and Unovis Asset Management, a worldwide alternative protein investor.

2) Ajaib 

Founded in 2019, Indonesia-based online brokerage Ajaib allows consumers to buy and sell stocks, ETFs, and mutual funds. Ajaib Group claims it opens the door to access to safe, trusted and affordable investment instruments. 

The firm was co-founded by Yada Piyajomkwan, who was listed in Forbes’s 30 Under 30 Asia (Finance & Venture Capital) in 2020.

In March 2020, the firm closed its US$90 million Series A round with a US$65 million extension led by Ribbit Capital. 

3) Pluang

In 2020, Marcellina Claudia Kolonas, who has five years of experience as an investment advisor, co-founded the financial technology platform Pluang. It provides easy and affordable access to financial goods to the general population.

The Indonesia-based firm aims to enhance financial inclusion in Indonesia, where approximately two billion people are unbanked. As stated by Kolonas, users may open a savings account for as little as 50 cents. 

Openspace Ventures led its recent US$20 million pre-Series B funding round with participation from Go Ventures and other returning investors. The company will use the money to create customised financial products that will cover a broader range of asset classes, including government bonds.

4) Logisly 

Co-founded by CEO Roolin Njotosetiadi in 2020, Logisly is a B2B logistics digital platform that links shippers and trucks from its network of certified corporate carriers.

Its goal is to reduce Indonesia’s high logistics costs by boosting truck utilisation and giving more certainty in supply chain management, mainly through an extensive network of dependable transportation, order transparency, and automation.

Currently, the firm works with over 800 trucking companies (with over 40,000 fleets) and 300 shippers from various industries, including fast-moving consumer products, chemicals, construction, e-commerce, and more.

Last year, the Jakarta-based startup received a US$6 million Series A investment led by Monk’s Hill Ventures to assist Indonesia in streamlining its logistics.

5) Bonza 

Bonza, co-founded by Elsa Chandra, a former Traveloka execs, is an Indonesian Big Data analytics startup. Within Bonza’s user interface, organisations can integrate disparate data sources into a single source and build and deploy Machine Learning models.

Bonza’s no-code approach for data analytics and AI deployment helps technical and non-technical teams to build and deploy data-driven solutions at scale.

In May 2021, Bonza raised a US$2 million funding round led by returning investor East Venture. 

6) Pinhome

Established by Dayu Dara Permata in 2020, Pinhome leverages cutting-edge technology to make the property sale, buy, and rental transactions on its platform more simple, efficient, and transparent.

Its goal is to eliminate the obstacles of buyers and sellers while making real estate transactions by delivering the “greatest possible” user experience.

Since its inception, Pinhome’s headcount has grown to over 200 employees. In early 2021, it raised US$25 million in a Series A financing round from unknown investors.

7) Mindtera

Digital education platform Mindtera was established in 2021 by former Nielsen manager Tita A. The platform focuses on multiple intelligences and life coaching. It offers personal growth learning curriculums in critical areas of life such as family, love, and work, allowing people to navigate life in an organised manner better.

Serving both individual and corporate clients, the startup aims to address the gap between hard skills and emotional intelligence (EQ) by designing and developing curriculums and tools around its proprietary multiple-intelligence approach, including emotional, social and physical intelligence.

Last month, the firm bagged undisclosed funding led by East Ventures.

8) DishServe

Stefanie Irma co-built DishServe in 2020 as a kitchen network in Indonesia. The firm aids in the renovation of underused kitchens by standardising procedures and updating equipment. 

Besides, it allows food and beverage (F&B) companies to access a network of highly trained ghost kitchens and use them as last-mile distribution locations for serving their consumers.

Insignia Venture Partners invested an unspecified amount into DishServe’s pre-seed round in May.

Also read: Everything from soup to nuts: Meet the 27 ghost kitchen startups in Southeast Asia

9) Klar Smile

Last year, Ellen Pranata co-founded an Indonesian tech-based dental company Klar Smile. 

The company embraces a B2B2C business model. It provides cosmetic dental treatment by leveraging the expertise of orthodontists and advanced technology. Dentists and patients can communicate and monitor treatment progress remotely through its Smile mobile app.

In June 2021, the company raised an undisclosed seed round led by AC Ventures. 

10) Pasarnow

Indonesian e-grocer Pasarnow was co-launched by Cindy Ozzie in 2019. Its multi-channel platform attempts to streamline the country’s complex and layered fresh goods supply chain and offer quality food items to its clients.

The operational backend collects all orders and creates a demand forecasting system to assist the company’s 1,000+ farmers and suppliers in better planning and optimising harvesting and delivery schedules.

This September, East Ventures led a US$3.3 million funding in Pasarnow.

11) Durianpay

Launched in 2020 by three co-founders, including the two female leaders Antara Mathai and Natasha Ardiani, Durianpay is an Indonesia-focused payments solution startup that provides a range of payment methods and a no-code interface for businesses and developers to access. 

Durianpay claims that its solution works with various payment channels and suppliers, removing the need for complicated interfaces, manual reconciliation, and high expenses.

Recently, the startup received a US$2 million funding led by Sequoia India’s Surge with participation from AC Ventures, Kenangan Fund and other angel investors. 

12) VUIHOC

Co-founded by Minh Thu Do in 2019, VUIHOC is a Vietnamese online platform that provides courses for elementary, middle and high school students. Its teaching framework is developed every week and adheres to the textbook curriculum.

VUIHOC’s educators design learning materials based on a deep dive into the psychology of each age group, ensuring that every student will find matching content at their preference. The platform also provides live classes to augment teacher-student interaction.

Last month, Do Ventures, a Vietnam-based early-stage VC firm, revealed its investment in VUIHOC at an undisclosed amount.

13) Ganesh

Founded by Linh Chu in 2021, Ganesh is a runner-up in Fintech Nations Hackathon 2021 held by New York-based hackathon platform Devpost. 

Ganesh provides information about fraud prevention, including how to detect, prevent, and report scams and how to get assistance from local authorities.

Its flagship product includes a scam dictionary with an updated resource about definitions of different scams, prevention methodology, and protection guide. The company also provides news and statistics which leverage access to credible sources, showing the current regional scamming situation and sending early alerts to people.

14) Vinastraw

Grown from the 14-week C-Plastics Incubator 2021 programme organised by Spring Activator and KisStartup, Vinastraw is a Vietnam-based startup that provides low-cost but high-quality straws, meeting the needs of the most demanding coffee chains. 

The company, founded in 2021 by Thao Thi Huong Do, produces biodegradable straws made mainly from rice and other grains. Its product is said to be 100 per cent compostable, gluten-free and long-lasting.

15) EQUO

In 2020, Marina Tran Vu started EQUO in Vietnam, intending to deliver eco-friendly brands and manufacturers to the world. 

Its products, including straws, utensils, dishware, pencils or bags, are made to replace single-use plastics. The firm targets products “100 per cent” natural, non-toxic, chemical-free and biodegradable.

EQUO is one of ten female-led businesses finalists in the She Loves Tech Global Competition 2021.

16) BravoHR

Launched by Han N. in 2019, BravoHR is a Vietnam-based SaaS platform assisting SMEs in better managing, engaging, and rewarding their employees.

It offers employees access to a white-label mobile app connected to a system that allows HR to manage their workforce at scale. Besides, it also helps the companies provide innovative and relevant employee benefits and rewards programs.

BravoHR counts brands such as McDonald’s Vietnam, Philip Morris, 7-Eleven, PNJ Watch, On Point E-Commerce, trading business Idocean, Chubb Insurance, and Talentnet HR among its clients.

In 2020, the firm raised an undisclosed seed funding round from Zone Startups Vietnam and 1005 Ventures.

17) Phenikaa MaaS

In 2021, Bich Nguyen co-founded Phenikaa MaaS to provide “Made in Vietnam” solutions helping enterprises and organisations operate their transportation effectively. With general smart solutions comprising IoT, app, map, AI, and Big Data, the firm aims to accompany governments and companies to digitise the traffic management process.

Phenikaa MaaS is the developer of the previous public transit app BusMap. After raising a US$1.5 million seed funding from Pheenika Group in July this year, Bich Nguyen and her partner Yen Thanh Le renamed the company Phenkaa MaaS.

The startup was also the winner of “SK Startup Fellowship 2021” batch II held by South Korea’s SK Group.

18) Fonos

Co-founded by Xuan Nguyen in 2020, Fonos is a Vietnamese digital audio content startup. The platform creates short 10-15 minute book summaries, guided meditation, stories, news, and offline reading.

Fonos gained prominence in the local audiobook space with standardised in-house audio recordings made by professional narrators. 

Recently, the platform raised US$1.1 million over two rounds of seed funding led by Singapore-based AngelCentral Syndicate.

19) Docosan

Docosan is a healthtech startup based in Ho Chi Minh City. In 2020, co-founder Natalia Moreno Hendrickson built this platform to help patients compare healthcare providers across various specialities, make appointments online, and manage their health records.

Its users can sort providers by area and speciality and check price information with verified client reviews. The platform recently added online payment features and insurance integrations. 

In April this year, Appworks led Docosan’s US$1 million seed round to expand into new markets.

20) Float Foods

In 2020, Vinita Choolani set up Singaporean foodtech startup Float Foods. The platform is known for its innovative plant-based egg substitute OnlyEg, which includes two legume-based egg yolk and egg white alternatives.

The company develops its product with proprietary technology created by Float Foods’ in-house research and development team.

The firm raised US$1.7 million in seed funding co-led by Singapore-headquartered venture capital firms Insignia Ventures Partners and DSG Consumer Partners in June this year. The firm plans to optimise OnlyEg with nutritional improvements and a longer shelf life track for commercialisation in Singapore by 2022.

21) Shoplinks

Former CEO of cashback app Snapcart, Teresa Condicion, started Shoplinks to provide digital platforms to offline Consumer Packaged Goods (CPG) stores, allowing brands to deliver and customise discounts to customers.

Shoplinks enables one-to-one, offline marketing through its secure data sharing, data matching, POS integrations, and AI-enabled engagement for CPG and retail. Its platform optimises consumer value while minimising marketing and promotional spending. 

The Singapore-based firm counts Gillette, Gillette Venus, Oral-B, Pantene among its prominent clients.

22) Mohjo 

Founded in January 2021 by Juhi Dang, Mohjo targets to deliver 100 per cent clean foods and drinks made from plants and chemical-free components through its facilities.

The Singapore-based foodtech brand recently launched its first line of products — almond milk and almond milk-based beverages.

Last month, the firm raised an undisclosed seed round led by East Ventures with participation from iSeed Southeast Asia, K3 Ventures, and other angel investors.

23) Dedoco 

Co-launched in 2020 by Daphne Ng and her partner Dr Ernie Teo, Dedoco is a Singapore-based decentralised digital document and signing platform. 

The firm offers document authentication by ensuring real-time verification choices while maintaining transaction integrity with a blockchain audit trail. Its clients include government agencies, banks, professional services (HR, accountancy, and corporate services), and real estate firms.

Last July, the company netted US$2.45 million seed investment led by Vertex Ventures Southeast Asia.

24) MadEats

The all-female led cloud kitchen startup MadEats is a Philippines-based innovative online restaurant group that serves the delivery sector. 

Mikee Villareal, alongside her partners Keisha Lao and Andrea Cruz, built the platform in 2020 with three food brands: Yang Gang offering Korean fried chicken, Chow Time providing Chinese takeout, and Fried Nice serving Southeast Asian rice bowls.

The firm develops its culinary concepts, organises orders using backend technology, and fulfils orders with its fleet of riders.

Early last month, Y Combinator injected US$125,000 funding in MadEats. 

25) Epost

Epost is a Malaysian e-commerce logistics company providing cross-border delivery and e-commerce fulfilment services to brands and retailers. Co-founder Mandy Chan started the platform in 2019 to offer cloud-based integrated order, inventory, and warehouse management systems to ease logistics burdens for companies.

With 13 e-commerce fulfilment facilities strategically positioned around Southeast Asia, its services are now accessible in Malaysia, China, Singapore, Vietnam, the Philippines, and Brunei.

Last July, the firm attracted US$1.4 million from Warisan Quantum Management, a Malaysia-based private equity management firm.

26) Aye Solutions 

Aye Solutions is a Kuala Lumpur-based technology startup offering an autonomous retail solution at an affordable cost, covering software to hardware.

Yee Yun Lim set up the AI platform in 2020, helping retailers collect data to dictate the future product array and business model. This year, the company opened the first unmanned retail store in Malaysia. 

27) Ira Concept

Headquartered in Thailand, Ira Concept is a subscription-based, app-enabled line of organic and biodegradable feminine hygiene products that can be delivered to a customer’s door every month for an affordable price.

Varangtip Satchatippavarn started Ira in 2020 with plastic-free, chemical-free, and guilt-free products. The firm was awarded 3rd place in the “She Loves Tech” competition in 2020.

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Image credit: 123rf, Pinhome, Float Foods

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Singapore sits at the helm of Southeast Asia’s vibrant tech ecosystem with an internet penetration rate of 88.9% in 2019, the highest in the region. With the recent global health crisis accelerating digitalisation across the globe, the country has undoubtedly grown into becoming a centre for fintech innovation, pushing the adoption of fintech by traditional financial institutions as they seek ways to innovate and transform.

Tapping on the growth of fintech in Singapore, the Australian Trade and Investment Commission (Austrade), through its accelerator programme Landing Pad, has been active in bringing technology scaleups to ASEAN as a way to help meet the gaps in the fintech ecosystem in the region. An example of how they do this is through their strategic partnership with Firemark Accelerate, Insurance Australia Group’s (IAG) leading insurtech accelerator in APAC. Across two 12-week Seasons per annum, both Austrade and the Firemark Accelerate team support scaling Australian startups into the region. Scaleups are recruited based on their ability to bring cutting edge technology from four key focus technology themes: climate risk, disruptive technology, cyber risk, and computer vision.

Also read: Startup x Innovation Thailand Expo 2021: A virtual world of innovation

“Firemark Accelerate and Austrade are an excellent partnership to launch Australian technology scaleups into Singapore and the wider APAC market. This co-delivery partnership brings together Firemark’s expertise in technology and innovation, and Austrade’s knowledge on navigating overseas markets and connecting Australian businesses to the world. Following the success of the first season, we have now expanded our partnership to support the market expansion activities of another six scaleups across deep tech, cybersecurity and digital services,” said Austrade’s Senior Trade and Investment Commissioner, Stephen Skulley.

Australia’s insurance industry is currently at the ideal size and scale to help insurtechs test, learn, and grow. According to KPMG, between the financial years of 2018 to 2020, Australia has experienced a 53 per cent increase in the number of insurtech companies in the country. These developments, both in terms of industry growth and consumer behaviour, makes Australia a hotbed for innovation and diversity. As such, promising scaleups from the country are in the best position to broaden their reach and go global.

Why these Australian scaleups chose to land in Singapore

With both economies sharing similar growth paths in their vibrant tech ecosystems, these six Australian scaleups saw a great opportunity for growth.

“Singapore is well known for being the technology and innovation hub of Asia. ActivePipe is excited to be able to leverage this to mature its data capabilities and build a world-class data strategy with Firemark Accelerate,” said ActivePipe, one of the six Australian companies from the Firemark Accelerate Season 2. Founded in 2014 by co-founders Ash Farrugia and Gavan Stewart, ActivePipe builds, sells, and services lead nurturing and sales enablement software for Real Estate brokerages, agents, and mortgage brokers.

ProofTec, an automated AI damage detection solutions provider for vehicles echoed these sentiments. “Singapore is the logical stepping stone for our AI solution given the mature stakeholder ecosystem and the gateway for our business to springboard into other regions across ASEAN. According to Cisco’s annual Digital Readiness Index, Singapore is the world’s top nation in terms of digital adoption which makes it an ideal market entry point for high tech companies like ProofTec,” said the company’s Founder, Danny Cohen.

ProofTec’s vehicle damage detection platform has been designed specifically for the mobility sector and provides many tangible benefits to the car rental industry. Some of these material benefits include reduced risk, transparency, excess recovery, staff efficiencies, and asset management.

Also read: Harnessing sustainable technology to build a resilient future with IPI

Gruntify, a scaleup that helps digitise manual or disparate business processes, is also looking to scale globally, with its sights set first on Singapore. Founder Igor Stjepanovic, shared “Singapore’s strategic location in Asia paired with their business-friendly environment makes it, in our opinion, a perfect choice as a ‘springboard to broader Asian market’ which we are looking for!”

Gruntify helps clients save time and money as well as lower the risks involved in the implementation and operational aspects of digitalisation. Their technology helped aid the Queensland government’s response to the state’s largest natural disaster, cyclone Debbie, that occurred in 2017.

Other scaleups that saw value in a Singapore expansion are SHEQSY, Truuth, and ValAi. 

SHEQSY, a cloud-based lone worker safety solution, CEO and Founder, Hays Bailey, explained that they chose Singapore because of its “incredibly developed economy and strong regulatory frameworks. As the Asian headquarters for many international firms, Singapore is the perfect launchpad and the gateway to Asia.” he went on to share “SHEQSY aims to improve the safety of employees and contractors working alone in developed and developing regions in Asia.”

On the other hand, Truuth, whose mission is to mitigate the risk of identity fraud by delivering the world’s most secure, accurate, and user-friendly digital identity services shared that they are building Truuth as a global platform with Singapore and the broader APAC region being one of their primary target markets. CEO and Co-Founder Mike Simpson said, “We all know that Singapore embraces new technologies and business models, so we see this as a great fit for Truuth, as our technology is world-leading and our business model is disruptive. As we plan for our Series A funding round, Singapore is a key market for Truuth to have a presence in.”

Also read: Harnessing sustainable technology to build a resilient future with IPI

Lastly, ValAi, a scaleup that builds tools anchored on sustainability specifically targeting the finance and insurance sectors, said that “Singapore is well known for its ‘Humility to succeed’. One characteristic we admire is the humility to learn and openness to new ideas. Innovation, creativity, sustainability and resilience are all demonstrated in Singapore’s business culture.”

Greenhouse, their core product, is a knowledge platform and marketplace where bank and insurance customers can determine the sustainability rating of their homes and how they can improve their ratings, whilst providing data insights to the insurers and lenders so that they can green tag their portfolio and create incentives for their customers with lower premiums or interest rates.

Creating success in Singapore

Coming from Season 1 of Firemark Accelerate, Detexian has seen early successes ever since the programme, especially after partnering with three fintech SMEs in Singapore. Detexian is an Australian scaleup that offers an automated risk management solution for businesses powered by SaaS applications. Some of the deals they’ve landed include Lab Group Services Pty Ltd (Lab Group).

Tan Huynh, CEO of Detexian, shared “Staying on top of multiple SaaS apps without automation is an impossible endeavour. We help Singapore modern workplaces continuously track their SaaS use at ease, minimising risks and cost wastages.”

Connect with Austrade today

For more information, scaleups that are interested in expanding to Singapore can connect with Austrade Landing Pad via the official website. For more information on IAG Firemark Accelerate, you can check out their official page here.

Singapore Fintech Festival 2021

Keep a lookout for our Australian e-booth at the upcoming Singapore Fintech Festival 2021, where we will be showcasing Australia’s innovative fintech ecosystem. More details to come for your opportunity to connect directly with Australian fintech businesses and associations. #AustraliaSFF2021

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Photo by Patrick McLachlan from Pexels

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