qlub, a payment solution that splits restaurant bills between customers, has raised US$25 million in a new funding round, bringing its total fundraising to US$42 million.

The new investors in the round include global investment firm Al Dhabi Capital and major family offices in the UAE.

Existing investors also participated.

The startup plans to use the new capital to accelerate growth, expand to new markets, and build new value-added services for restaurants and customers on the qlub platform.

qlub enables customers to pay their restaurant bills in various options — as a group, splitting, or tipping — without needing an app or registration. All it takes is the scan of a QR code at their table, with customers being given the flexibility of paying with Apple Pay, Google Pay, credit cards, and local payment schemes.

Also Read: ‘Singapore’s dine-in experience hasn’t evolved much despite many F&B outlets’: qlub COO

Currently, qlub operates in four continents, with a significant presence in Australia, Saudi Arabia, Singapore and the UAE. In these countries, qlub powers over 2,000 restaurants, including Singapore’s Merci Marcel, Deelish Brands (Fatburger & Buffalo’s, 800 Degrees), Ayam Penyet President, and Morganfield’s.

“We want to transform the payment experience for F&B players in Singapore and other key markets by partnering with leading industry players, such as restaurant point-of-sale solution providers and global payment partners, to offer the best-integrated solution for restaurant owners,” says Ramy Omar, Co-Founder and Chief Business Officer of qlub.

In 2022, qlub secured a US$17 million seed round co-led by Cherry Ventures and Point Nine.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

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Kredivo Holdings (formerly FinAccel), the parent company of Kredivo and Krom Bank Indonesia, has closed its Series D equity round of funding at ~US$270 million.

Japanese global bank Mizuho Bank led the round. Existing investors, including Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures, also participated.

Akshay Garg, CEO of Kredivo Holdings, said: “The upcoming expansion into digital banking is deeply synergistic with the existing Kredivo product and also opens up a very promising channel for us to become the digital financial services platform of choice for tens of millions of consumers in Southeast Asia.”

Also Read: Kredivo scores US$100M more in debt funding to further grow its BNPL platform

Daisuke Horiuchi, Group Executive Officer Deputy Head of Retail & Business Banking Company of Mizuho, said, “Kredivo has a stellar track record in Southeast Asia, leveraging its deep data partnerships to promote financial inclusion within Indonesia and Southeast Asia while maintaining bank-like risk metrics and building a capital efficient business model.”

Founded in 2016, Kredivo is a leading player in the digital financial services industry. It provides customers with instant credit financing for e-commerce and offline purchases and personal loans based on proprietary, AI-enabled real-time decisions. The products include online and offline Buy Now, Pay Later, personal loans, credit cards (physical and virtual) and neobank Krom.

Also Read: Kredivo bags US$100M from US investor to provide instant credit financing to 10M new users in Indonesia

In 2021, Kredivo announced its plans to merge with VPC Impact Acquisition Holdings II (VPCB), a special purpose acquisition company (SPAC) sponsored by Victory Park Capital (VPC), to go public in the US. However, the plans were cancelled a year later.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

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In this episode, we are excited to welcome Sébastien Marotte, the President of Box Europe, the Middle East, and Africa (EMEA). Box is a Cloud Content Management company that empowers more than 87,000 businesses globally by revolutionising how they work.

In Marotte’s 30+ year career, he has held executive roles at high-profile software companies such as Google, Hyperion, and Oracle. He led Google Cloud’s EMEA Channels as Vice President, having also served as Vice President of Google Cloud EMEA for almost a decade. As an early leader at Google Cloud, Marotte was responsible for much of the foundational growth and development across EMEA, including the launch of G Suite (now Google Workspace).

In our conversation, Marotte talks about the importance of diversity in building international teams, strategies in balancing corporate strategy and localisation, why customer engagement is everything in business, how digitalisation changed the way we innovate, work, and hire and why there are more opportunities for global businesses now more than ever.

Also Read: Breaking barriers: My journey with Airwallex this International Women’s Day

This episode is sponsored by our partner ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets here.

Listen, subscribe, and leave a review now on Apple, Spotify, or your favorite podcast platform.

Find our entire podcast episode library here.

Get your copy of our Wall Street Journal Bestselling Book, Global Class, a playbook on how to build a successful global business.

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This content was first published by Global Class.

Image Credit: Global Class

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Wonder why some products have a loyal following? The Social+ business model taps into our desire to connect and collaborate, changing the game for companies worldwide. Kitcod has been at the forefront of this social revolution in Singapore.

In this article, I’ll shares insights on the power of Social+, going beyond transactions to foster collaboration and community, creating products that satisfy and delight customers, and building a loyal following. 

So, let’s dive in and discover how Social+ can take your business to the next level.

This article offers deep insights into how consumer tech startups can take advantage of the latest advancements in in-app communities and AI to create more engaging, personalised, and user-friendly products.

By examining the latest trends and best practices in this space, this article provides valuable guidance on how to build Social+ business models that are more effective, efficient, and innovative. Whether you’re a seasoned entrepreneur or a first-time founder, these topics are sure to inspire and inform your approach to consumer tech innovation.

What is Social+ and how did it start?

The term was coined by D’Arcy Coolican and referred to companies that combine the community and network of a social product with a specific category, form factor, or experience. Groupon and LivingSocial were among the first major Social+ companies, and China became a breeding ground for such companies in recent years.

Also Read: How e-commerce brands can tap into the US$600 billion social commerce market potential

With many examples of apps like Pinduoduo (which offers users major discounts via group buying) and Douyin (a social video platform known internationally as TikTok), which makes more than 60 per cent of its revenue through social commerce. Many companies and VCs in the west are now eying the Social+ trend, with a16z creating an entire series dedicated to this phenomenon.

What are the top criteria that make a Social+ company?

Did you know that in-app community and P2P engagement can significantly impact user engagement and retention in consumer apps?

According to a report by CleverTap, apps with an in-app solid community engagement experience a 39 per cent increase in user retention rates. Furthermore, a survey by Apptentive found that 75 per cent of consumers prefer in-app messaging for customer support and engagement.

This is where ChatGPT can add significant value to consumer apps. With its advanced natural language processing capabilities, ChatGPT can power chat and in-app feeds to provide personalised recommendations and support to users. This can lead to more meaningful P2P engagement and foster a sense of community within the app.

They own their Social Graph, and it’s customised to their product

Many companies leverage existing social graphs of big social platforms such as Instagram or TikTok, and that’s great, but it has its limitations. At Kitcod, we believe that owning your social graph is necessary to build a strong community, as existing social platforms can limit your control over it.

Comparing the Fortnite community to those built on Facebook shows the benefits of owning your community, but it’s still possible to use other networks as a starting point.

Their social graph is inseparable from the product

Being a Social+ company means having a social graph that’s critical to the business, not just a marketing tactic. Many companies add social elements to their apps, but it can often negatively impact the user experience.

Simply adding sharing or commenting functionality doesn’t make a company Social+. Twitter’s social graph is inseparable from its product, unlike online news platforms that allow sharing and commenting.

P2P engagement is part of the product itself

It’s easy to mistake a user base for a community. To truly benefit from Social+, an app needs P2P social engagement baked into its DNA. For social trading platforms like eToro and Robinhood, authentic user engagement is key to reaping the benefits of being Social+. eToro stands out by enabling users to follow and copy successful traders, as well as share trades and views with others.

Categories that have gone Social+

Social+ companies have higher user retention rates: According to a study by McKinsey, social engagement is a key driver of customer retention. In fact, companies with the highest social engagement rates have an average retention rate of 96 per cent, compared to 71 per cent for companies with the lowest engagement rates.

Also Read: Move over social commerce: The conversational commerce renaissance is here

Social+ companies can achieve faster user growth: A report by TechCrunch found that social apps grew on average 37 per cent faster than non-social apps in terms of daily active users. This highlights the importance of social features in driving user growth.

Social+ companies have higher user engagement: A study by Appboy found that social features such as in-app messaging and sharing can increase user engagement by up to 400 per cent. This demonstrates the potential of social features to keep users engaged with an app.

Social+ companies can lower customer acquisition costs: According to a study by Bain & Company, acquiring a new customer can be up to 25 times more expensive than retaining an existing one. By fostering a strong in-app community, Social+ companies can reduce customer churn and lower their overall customer acquisition costs.

2023, the year of real-time personalisation and recommendation

• Social: Drive the lifeblood of social networks, communities and the events industry – meaningful user engagement. TikTok is winning: 1.5 hours of average US daily usage.
• Media: Give users the content they want within the first user session, and they will come back. Deliver views to your top creators. Youtube is winning:  70 per cent of watch time from recommendations.
• Marketplaces: Capture the user’s attention through relevant content and products on your website, app and email. Amazon is winning: 35 per cent of purchases from recommendations.

A Community Platform, Plug-and-play Social API

With millions of apps being launched daily, it’s challenging to grab users’ attention and loyalty. Many apps are adding social features to improve engagement and retention, but building in-app social experiences can take six-eight months and cost over US$100,000 with limited API solutions available. That’s where platforms like Kitcod come in.

With Kitcod, you can leverage the power of AI to quickly and easily add powerful social features like newsfeeds, groups, chat, and video to your app in just a matter of hours. Our AI-powered algorithms allow for personalised content delivery, making the user experience more engaging and relevant. In fact, according to a study by Deloitte, personalised content can increase user engagement by up to four times.

By utilising Kitcod’s advanced AI capabilities, you can improve your in-app community engagement and retention without worrying about the scalability, maintenance, and reliability of a complicated social infrastructure.

Our plug-and-play social API infrastructure platform allows app owners and developers to seamlessly integrate social elements at a flexible monthly cost. In fact, a survey by IBM found that 62 per cent of companies are planning to use AI to improve customer experience and engagement.

Kitcod provides a cost-effective alternative to in-house teams, utilising AI and machine learning technologies to deliver personalised experiences at scale in real-time. Build powerful in-app newsfeeds, groups, chat and video in hours. Make your app social and boost your community engagement without worrying about the scalability, maintenance and reliability of a complicated social infrastructure.

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In recent years, Southeast Asia has become a hub for startups due to its growing economy and the presence of a large pool of tech talent. As more and more startups are born in Southeast Asia, they are also increasingly adopting remote work as a way of scaling and accessing a larger talent pool.

However, working with remote teams from different regions of the world can be challenging, especially if the team is culturally diverse. In this article, we’ll explore how startups from Southeast Asia that have remote teams can work with people from Northern Europeans, Southern Europeans, Americans, and how they can be successful in doing so.

Communication is key

The first and most important aspect to consider when working with remote teams from different parts of the world is communication. Communication is not only about the language used but also about cultural nuances, which can vary widely.

For example, while people from Northern Europe tend to be very direct in their communication, people from Southern Europe tend to be more indirect, preferring to use more subtle language.

One way to improve communication is by using online collaboration tools. These tools make it easier to share information and collaborate on projects, regardless of geographic location. It’s also a good idea to schedule regular check-ins to discuss progress and ensure that everyone is on the same page.

Cultural awareness

Cultural awareness is also important when working with remote teams from different regions. This includes understanding the cultural differences that can affect communication and work styles. For example, people from Northern Europe tend to value punctuality and efficiency, while people from Southern Europe may have a more relaxed approach to timekeeping.

Also Read: Being a first-class listener will serve you best: Jon Howard of Bud Communications

To avoid misunderstandings, it’s important to be aware of these cultural differences and adapt accordingly. This can involve being more flexible in terms of schedules and deadlines or adjusting communication styles to match cultural norms.

Case study: Grab

One company that has successfully navigated cultural differences in remote teams is Grab, a ride-hailing platform based in Singapore. Grab operates in Southeast Asia, but it has remote teams in the United States and India. The company has been successful in part because it has been able to foster a culture of openness and transparency that allows its teams to work effectively together, despite their different backgrounds.

One of the ways Grab has done this is by encouraging open communication and feedback. For example, the company uses a tool called Peakon to collect feedback from employees and identify areas for improvement. This allows the company to address any cultural differences or other issues that may be affecting its teams’ productivity and morale.

Another key factor in Grab’s success has been its focus on diversity and inclusion. By prioritising diversity, the company has been able to build teams that are more resilient and better able to adapt to changing circumstances.

Tips for success

Here are some tips for working with remote teams from different regions:

• Use online collaboration tools to make it easier to share information and collaborate on projects.
• Schedule regular check-ins to discuss progress and ensure that everyone is on the same page.
• Be aware of cultural differences that can affect communication and work styles, and be flexible in adapting to these differences.
• Foster a culture of openness and transparency that encourages feedback and allows teams to work effectively together.
• Prioritise diversity and inclusion to build teams that are more resilient and adaptable.

Working with remote teams from different regions can be challenging, but it’s also an opportunity to build diverse and resilient teams that can adapt to changing circumstances.

By prioritising communication, cultural awareness, and diversity, startups from Southeast Asia can successfully work with people from Northern Europeans, Southern Europeans, Americans, and beyond. The case of Grab demonstrates that with the right approach, it’s possible to build a successful remote team that transcends cultural differences and achieves great things.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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