Bright Money, a fintech company helping users get out of debt using AI and credit products, has closed a US$62 million financing round.

The capital comprises a US$50 million debt funding from Encina Lender Finance, which provides lending solutions to consumer and commercial speciality finance companies across the US and Canada.

The remaining US$12 million equity was led by Alpha Wave Global, Hummingbird Ventures, and PeakXV Partners (earlier known as Sequoia Capital India & SEA).

Bright Money was founded in 2019 by a team from McKinsey’s Banking Practice (Petko Plachkov and Avi Patchava) and InMobi Data Scientists (Avi Patchava, Varun Modi, Avinash Ramakath, Jay Merwade, and Amit Bendale).

Also Read: 20 global investors fuelling Southeast Asia fintech boom in 2023

The fintech startup provides an AI-powered app that combines the technology needed to manage and get rid of debt. Bright Money products include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. It works with credit cards, student loans, and car loans.

The company aims to reshape how global retail banks operate, driven by big data and AI. Bright Money focuses on the liabilities of a consumer: personal lending and credit cards. It currently has a team of over 180 employees.

According to a report, the total US consumer debt has recently crossed US$17 trillion for the first time on record. Bright Money’s products target the deletion of credit card debt, building credit scores, and increasing savings. The platform has now expanded into refinance lending and credit cards.

The company has set up a team in India across all functions, while a smaller team operates out of the US.

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With emerging technologies changing the way we live, play and work, many industries find themselves at a standstill: adapt or risk losing. With this ethos throbbing at the heart of many industries, businesses are now faced with new challenges and opportunities in their pursuit of growth and staying competitive. Among these businesses are Micro, Small and Medium Enterprises (MSMEs) that operate as the lifeblood of many economies.

MSMEs are crucial for a diverse range of reasons, but their paramount importance lies in their role as major contributors to employment, innovation and economic stability. These enterprises serve as vital engines of economic growth, particularly in local communities and emerging markets, playing a pivotal role in accommodating market demands. Furthermore, MSMEs are known for their agility and innovative spirit, often leading the way in developing new products, services and business models, which drive economic progress and ensure competitiveness in a rapidly evolving global economy. Yet, these enterprises frequently find themselves contending with certain challenges that disrupt the way they do business such as supply chain fissures that pose a barrier to flourishing in an increasingly digitised environment.

Traditional supply chain practices, which were once adequate for MSMEs, now struggle to keep pace with the demands of an increasingly interconnected and data-driven global marketplace. As a result, many MSMEs are finding themselves at a crossroads, struggling to adapt to this fast-changing environment.

Thankfully, with new technologies, MSMEs can better navigate challenges in the supply chain sector, enabling them to operate more efficiently and deliver products and services in a more stable, secure and effective manner.

Bolstering B2B Marketplaces with the right kind of technology

One of the primary challenges faced by this sector is the technological education gap among MSMEs. Despite limited digital infrastructure, access to high-speed internet and online payment gateways is essential for ensuring the seamless operation of B2B e-commerce platforms. 

On the other hand, efficient logistics and timely distribution are subject to geographical conditions and limitations, and overcoming these hurdles requires a strong ongoing relationship with suppliers. Working capital is tied up in inventory, which must be regularly replenished, leaving the stores lacking products. These conditions can make sustaining a shop difficult and even harder to grow. 

As a result, retailers are facing issues due to disconnected supply networks. This challenge can be fixed by harnessing technology to connect retailers straight to the brands where they can access supplies. 

PriyoShop is stepping up to the plate to change the landscape

Enter PriyoShop, a Bangladesh-Singapore-based on-demand B2B marketplace that empowers retailers by connecting them directly to suppliers to fix the fragmented supply chain. PriyoShop is a pure tech-driven E-Commerce B2B Marketplace connecting retailers directly to suppliers (e.g. Product Manufacturers or Wholesalers). 

The business model is pretty simple. PriyoShop connects brands and suppliers directly with MSMEs through their platform and makes money through take-rates. Their platform provides a digital catalogue to MSMEs so that the latter can access all the brands and distributors in a single overview. Also, part of their platform features includes a place where brands and distributors can upload and manage their stock-keeping units (SKUs) and orders. This makes it all the more efficient for businesses to conduct inventory through a seamless merchandising structure, allowing merchants to arrange inventory in their stores or warehouses according to product SKUs.

PriyoShop’s core mission is to empower retailers and streamline the supply chain 

PriyoShop achieves this through direct retailer-supplier and retailer-big brand connections, with technology playing a role to address connecting all vital parts of the market.

According to Asikul Alam Khan, Founder and CEO of PriyoShop, “Instead of fighting with other digital commerce in the red ocean market, we decided to partner with the small retailers and make them the hub of digital commerce.”

Also read: EQT Impact Challenge offers platform for impact entrepreneurs to attain ‘patient capital’

He added, “PriyoShop is betting that its unique marketplace approach would eventually give it the edge in the B2B e-commerce space in Bangladesh.” This system’s edge above other solutions is its emphasis on convenience, transparency and reliability in the platform.

The advantages of the PriyoShop platform

While the marketplace model is common in consumer e-commerce, the opposite is true in the B2B sphere. Almost all of the other tech players in Bangladesh’s supply chain industry have opted against the marketplace model in favour of an inventory-carrying approach involving companies sourcing goods from principals and directly selling them to retailers.

PriyoShop, on the other hand, connects players within the supply chain without holding its own inventory. Instead of acting as a distributor, the company allows wholesalers to list their products and sell directly to retailers on the PriyoShop app.

PriyoShop boasts a user-friendly and complete interface to serve a complicated market

As the fastest-growing B2B e-commerce platform in Bangladesh, PriyoShop has pushed out a product that can compete in this digital transformation.  

After joining PriyoShop, retailers can now save time and money and can boost their revenues by at least up to 20%. With its user-friendly interface, retailers have access to real-time inventory tracking, order management and analytics. Security measures are also in place to ensure safe transactions and data protection.

PriyoShop is committed to its MSME-friendly approach, often catering to a wide selection of retailers including mom-and-pop shops. Mehedi Hasan, an owner of a small retail store in Bangladesh, stands as a testament to this experience. Previously, Hasan needed to collect goods from different sources to cater to his customers. Other than that, he had to deal with different types of problems like not having price transparency, dealing with logistic issues and many more.

With the help of PriyoShop, Hasan explained, “We don’t have to run to markets to purchase goods. PriyoShop gave us shopkeepers lots of facilities to satisfy our customers by selling goods with easy and punctual deliveries.”

Also read: 5 common challenges marketing professionals face today

On the other hand, Mohima, another shopkeeper running a Mudi dokan (a mom-and-pop shop) in Dhanmondi in the small area of Dhaka, shared, “Having more variation in products allows me to fill up the store so the customers will keep coming because more variation means more customers.” She added, “They don’t want any hassle. If my store has everything that they need, it will make them loyal to me and my business.”

Overall, PriyoShop has been a game-changer for Mohima and other retailers like her. “Now I don’t need to go to several markets to collect many products. I find all my necessary needs in PriyoShop App to cater to my customers. It helps me to grow my business and makes me financially more solvent. Now I can support my family more than ever in terms of money and time.”

Revolutionising B2B e-commerce in Bangladesh and beyond

The conventional approach of in-person negotiations and physical transactions is steadily evolving into the emerging trend of B2B e-commerce facilitated by digitalisation. This shift is reshaping the landscape of trade, offering numerous advantages and opportunities to those involved.

The ambition of PriyoShop to embolden businesses is not limited to Bangladesh. Khan explained, “We want to empower all the MSMEs of Bangladesh as well as Southeast Asian countries. Currently, we are catering to Bangladesh, and the dream is global.” PriyoShop recently has experienced an astonishing 15x growth in terms of Gross Merchandise Value (GMV), and an impressive 12x growth in revenue since our last round of funding. This remarkable success is a testament to the hard work and dedication of our entire team, as well as the trust and support from customers and partners. Currently, PriyoShop is raising funds to reach 10x growth and launching fintech to boost MEMEs’ buying capabilities.

Also read: e27’s role in empowering Taiwan startups through the Vision Program

PriyoShop understands the financial challenges faced by MSMEs. To address this, the platform is currently in discussions with various banks and financial institutions to provide credit facilities to MSMEs. This support will enable retailers to invest in their businesses, expand their product offerings, and grow their operations.

To learn more about how PriyoShop can simplify the MSME supply chain, visit its website  http://priyoshopretail.com/ and get in touch via LinkedIn here.

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

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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When it comes to advertising, change is the only constant. From technological advancements to regulatory changes, the industry has undergone consistent and significant transformation in recent years —  and consumer preferences have followed suit.

For brands, meeting both consumer and business expectations has become an ongoing process of navigating challenges and seizing opportunities. For instance, personalised advertising has now become the standard, offering a potent means for brands to distinguish themselves in a competitive market. 

However, with the emergence of new privacy-centric attribution and measurement frameworks, marketers are now faced with a new challenge. While tools such as Google’s Privacy Sandbox on Android, Apple’s App Tracking Transparency, and SKAdNetwork enhance user privacy and data protection, they also limit the tracking of user activity across apps.

Hence, marketers are compelled to find new ways to personalise and optimise their campaigns that meet both customer expectations and industry standards. 

Luckily for brands, the advancements driving these changes are also unlocking new innovations, efficiencies, and analysis capabilities – enabling brands to optimise their campaigns, resonate with their customers and make more informed decisions. 

Evolving with the industry is key 

To navigate both challenges and opportunities as the industry evolves, brands can benefit from not only exploring new approaches but also expanding on current ones. This includes embracing new technologies and strategies that allow them to reach and engage their target audiences effectively while staying on top of current marketing trends. 

Also Read: 5 common challenges marketing professionals face today

Consider these three core focuses:

• Diversify your channel mix: As consumer preferences and behaviours evolve, it’s crucial for brands to meet their customers where they are. New performance channels like connected TV (CTV) and PC & Console, for example, are seeing rapid adoption. As a result, ad formats on these mediums are also growing in popularity and viewership. 

But to successfully add new channels to the mix, brands need to first measure, analyse and understand what type of messaging and creative format work for their unique audiences at various stages across the funnel. Armed with this information, brands will have the ability to not only fine-tune their strategies but continuously optimise them all the way from brand awareness to conversion and retention.

• Leverage the right data: Despite ongoing concerns around data privacy, personalisation remains a game-changing competitive differentiator. With the ever-increasing usage of digital platforms, marketers have the opportunity to tap into the power of data analytics and insights to tailor their advertising messages and campaigns to specific demographics. 

When it comes to aggregated data analysis, media mix modelling (MMM) and incrementality are two approaches that are leading the next generation of marketing measurement. MMM enables marketers to examine a wide range of marketing channels—from digital to traditional, alongside external influences like promotions, seasonality, press coverage, and more—to determine the impact they have on return on investment (ROI) and predict future campaign success.

Meanwhile, incrementality hones in on the impact of a singular campaign. It isolates the results from organic traffic to help marketers uncover the incremental cost of each conversion (app install) and scale that channel accordingly. 

• Incorporate innovative technologies: Technology today has the potential to improve and optimise virtually every step of the marketing process. AI technologies, in particular, are enabling marketers to know more and do more with less, opening efficiencies and potential for growth. 

Predictive analytics, for example, help by offering actionable insights into user behaviour, enabling faster-than-ever or even automated optimisations. AI-powered sentiment analysis can help gauge customer sentiment, aiding in refining strategies, while Generative AI can help craft compelling visuals and narratives without large in-house teams or high agency costs. 

Also Read: Decoding the shift: The new era of B2B marketing

Navigating privacy challenges with AI 

Looking ahead, brands have the opportunity to further increase their agility by harnessing the full suite of AI capabilities available today. In particular, AI’s ability to analyse large datasets and uncover valuable insights about consumer behaviour, preferences and market trends is increasingly crucial to informing strategic decision-making — as well as navigating challenges like privacy. 

For mobile marketers, limited visibility over user-level data can make attribution and tracking user behaviour on an app challenging. But with the help of AI algorithms, marketers now have the ability to analyse user behaviour, engagement patterns and conversion data to identify the best-performing ad creatives and placements. As a result, they can allocate their budgets more efficiently, improving return on ad spend (ROAS) and overall marketing efficiency —  all without the use of user-level data.

Generative AI also has the ability to improve personalisation and relevancy by analysing aggregated data. It can create highly useful messages for various customer cohorts, tailoring offers and recommendations to their preferences and behaviours at an optimal point in the user journey.

AI’s potential to help safeguard user privacy while heralding a new era of precise, data-driven campaigns is a powerful example of new opportunities in advertising. By harnessing new technology and applying industry expertise, brands have the opportunity to not only evolve but reap the benefits of their advancements by staying ahead of the curve.

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In today’s dynamic business landscape, the value of customer retention cannot be overstated. In a nutshell, it is not only more cost-effective to nurture existing relationships than to acquire new ones, but it also forms the cornerstone of growth, influencing acquisition, monetisation, and organic virality. 

With this in mind, e27 and CleverTap joined forces to launch ‘The Big Leap Roadshow’ in late 2022. This monumental initiative spanned six panel discussions across five major cities in Southeast Asia that focused on trends, insights, and innovations in customer retention and engagement. Engaging audiences in Jakarta, Singapore, Kuala Lumpur, Ho Chi Minh, and Manila, the Big Leap Roadshow proved to be a resounding success, leaving an indelible mark on the region’s business landscape.

CleverTap is an All-In-One customer engagement platform that unifies interactions between people, processes and technology. CleverTap is built to convert customers into customers for life with in-moment experiences designed and optimized for scale, in real-time. We enable brands to create truly cross-channel experiences, transcending boundaries between channels, journeys and outcomes. We’re on a mission to be the ultimate growth partner, providing businesses with the insights they need to truly understand their customers and deliver.

The genesis of the Big Leap Roadshow

The brainchild CleverTap in partnership with e27, The Big Leap Roadshow was conceived as a celebration of excellence in customer engagement, conversion, and retention. This groundbreaking initiative did not only provide a learning opportunity for industry stakeholders; it created a platform for hundreds of growth leaders in Southeast Asia to share insights and collaborate on crafting engaging experiences that foster customer loyalty.

Also read: e27’s role in empowering Taiwan startups through the Vision Program

The roadshow’s primary focus was to amplify customer retention, elevate customer lifetime value, and trigger substantial scalable growth, all while keeping customers at the heart of the equation.

The e27 formula

One of the linchpins of The Big Leap Roadshow’s success was e27’s unparalleled ability to assemble a powerhouse lineup of industry leaders and experts. Drawing upon its extensive network spanning the Southeast Asian tech business landscape, e27 meticulously sourced some of the most knowledgeable and influential figures in different industries to help examine their approach to customer engagement and retention. This ensured that each panel discussion was a melting pot of diverse perspectives, providing attendees with a rich tapestry of insights and strategies to elevate their customer retention efforts.

e27’s expertise in marketing and promotion also played an instrumental role in making The Big Leap Roadshow an unqualified success. The team from e27 spearheaded a series of campaigns tailored for each country on the roadshow’s itinerary. This comprehensive approach included strategic website placement, the creation of an official microsite, a series of pre-event and post-event articles, targeted email blasts, and engaging social media promotional materials. These efforts not only generated buzz but also ensured that each event was well-attended by an eager and engaged audience.

Also read: 5 common challenges marketing professionals face today

Elevating The Big Leap Roadshow to such heights also required meticulous planning and coordination, a task that e27 undertook with unparalleled expertise. The company took charge of seeking out venues and liaising with third-party suppliers across the five cities on the roadshow’s agenda (Jakarta, Singapore, Kuala Lumpur, Ho Chi Minh, Manila). At each stage of the series, e27’s invaluable contribution helped ensure that each program ran seamlessly and provided an environment conducive to meaningful discussions and networking.

A partnership built for excellence

After the expansive project that ran from November 2022 to March 2023, CleverTap’s successful partnership with e27 is further underscored by the enduring relationship between the two organisations. A testament to this is the recently concluded Engagement Playbook Indonesia held last 20 September 2023 where the two organisations once again took on the daunting task of engaging the tech startup community through informative panel discussions.

Focusing on harnessing automation and artificial intelligence for hyper-personalization in customer engagement, the panel discussion was a resounding success due in part to e27’s expertise that shone through as the team brought together leading minds in the industry through its targeted promotional campaign to cap off the flawlessly executed the event. This collaboration reaffirms e27’s status as the go-to partner for groundbreaking initiatives in the realm of customer engagement, tech, and innovation.

Also read: How PriyoShop is revolutionising the B2B procurement process

The Big Leap Roadshow stands as a shining example of what can be achieved through strategic collaboration and unwavering dedication. e27’s contributions were nothing short of extraordinary. From curating a stellar lineup of speakers to executing seamless marketing campaigns and ensuring flawless event logistics, e27’s impact was felt at every turn.

As businesses forge ahead in the intricate landscape of customer engagement, e27’s impact in this pioneering project stands as a testament to its role in driving sustained growth and success. Through each endeavour, e27 reinforces its position as a leader in reshaping customer engagement not only in Southeast Asia but also on a global scale. For further details, visit the e27 Big Leap Roadshow page.

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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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In this weekly startup news roundup, we bring you the latest developments in the startup world.

Roojai acquires DirectAsia

Thai insurtech company Roojai acquired motor DirectAsia Group from US-based small business insurer Hiscox for an undisclosed sum.

The transaction is subject to customary conditions and regulatory approvals and is expected to be completed by 2023-end.

Following the acquisition, DirectAsia Thailand will be rebranded into Roojai Thailand, while DirectAsia Singapore will retain its brand.

With this acquisition, Roojai looks to substantially increase its market share with a combined portfolio of over 400,000 vehicles insured in three countries and 300,000 individuals protected with its accident and health insurance products.

Automera secures US$16M Series A

Singapore-based biotechnology startup Automera bagged US$16 million in a Series A round of investment co-led by early-stage life science accelerator and investment firm Accelerator Life Science Partners (ALSP) and Temasek-backed venture builder ClavystBio.

EDBI, Xora Innovation, and other undisclosed investors also participated.

Automera was established by Associate Professor Michael Lazarou, Loong Wang, and Taiyang Zhang at Talo Labs in collaboration with ALSP.

It is an early-stage company focused on developing a novel therapeutic approach via autophagy-based targeted protein degradation. The biotech startup aims to leverage its understanding of autophagy, drug development capabilities, access to quantum chemistry, and generative Al-enabled insights to enhance its drug development programmes. Automera’s autophagy-targeting chimaera small molecules (AUTAC) platform has broad potential across cancer and other disease areas, with oncology being the initial lead programme.

Bright Money rakes in US$62M

Bright Money, a fintech company helping users get out of debt using AI and credit products, closed a US$62 million financing round.

The capital comprises a US$50 million debt funding from Encina Lender Finance, which provides lending solutions to consumer and commercial speciality finance companies across the US and Canada.

The remaining US$12 million equity was led by Alpha Wave Global, Hummingbird Ventures, and PeakXV Partners (earlier known as Sequoia Capital India & SEA).

Bright Money was founded in 2019 by a team from McKinsey’s Banking Practice (Petko Plachkov and Avi Patchava) and InMobi Data Scientists (Avi Patchava, Varun Modi, Avinash Ramakath, Jay Merwade, and Amit Bendale).

Kiddocare raises funding

Kiddocare, an on-demand caregiving platform in Malaysia, concluded an undisclosed pre-Series A financing round led by Artem Ventures.

Gobi Partners, MSW Ventures Asia Fund X, and ScaleUp Malaysia also joined. Gobi invested via the Khazanah Nasional Bhd-backed Gobi Dana Impak Fund.

The capital will be used by Kiddocare for growth and innovation. It will leverage these resources to expand its platform, reach a wider audience demographic, and create fresh opportunities for women.

Founded in 2019 by Nadira Yusoff and Muhaini Mahmud, Kiddocare is an online platform connecting parents with verified childcare providers based on their preferences for time and location. These caregivers undergo rigorous screening and training before being onboarded.

500 Global backs NexMind

NexMind, an AI-powered multilingual digital marketing platform, received undisclosed seed funding from 500 Global.

The Malaysian startup will use the funding to expand its product offerings and accelerate customer acquisition worldwide.

Founded in 2019 by Francis Lui (CEO), Bernie Law (CPO), and Pattrine Hong (CFO), NexMind empowers professionals across industries with advanced SEO tools to create search-optimised content in 17 languages, with no technical SEO expertise required. Its SEO content generation tools simplify and streamline how brands create multilingual content that ranks on search engines like Google and Bing and e-commerce marketplaces like Amazon, Lazada, and Shopee.

Funding Societies nets US$27M

Southeast Asian SME digital finance platform Funding Societies (known as Modalku in Indonesia) scored US$27 million in debt funding led by AlteriQ Global.

Aument Capital Partners (ACP) and Orange Bloom also invested.

The funds will be channelled via the fintech startup’s tailored financing solutions to support the underserved SME segments in its five markets.

Licensed and registered in Singapore, Indonesia, Thailand, and Malaysia and operating in Vietnam, Funding Societies provides business financing to small and medium-sized enterprises. In addition, it offers payments and collections intending to solve SMEs’ cashflow management challenges.

Funding Societies says it has achieved over US$3.2 billion in business financing, processing over 5 million transactions and serving about 100,000 SMEs across the region.

pitchIN launches pitchIN Academy

Malaysian equity crowdfunding platform pitchIN launched pitchIN Academy to offer practical and easy-to-understand educational programmes, activities and content on alternative financing and investment.

pitchIN Academy aims to enhance the communication, education and public awareness outreach of innovative financing and investment in Malaysia. It will offer programmes catering to the general public, entrepreneurs and investors.

The academy is headed by Hanif Tamin, who previously served at SME Corp.

Gobi partners with Petronas

Leading VC firm Gobi Partners and Petronas Ventures’s investment arm Twin Towers Ventures (TTV) announced the collaboration to invest in the ecosystem of sustainable innovation within Southeast Asia and the Greater Bay Area in China.

The effort includes cross-sharing of deal flow and potential co-investments into promising opportunities in the region, exchange of insights and sustainable innovation best practices, and exploring potential co-development and commercialisation of Petronas’s in-house innovations.

“This MoU marks not only a new beginning but also a new urgency for our organisations. The forthcoming wave of environmentally conscious innovation needs to be transformational on a large scale that benefits all before time runs out,” Gobi Co-Founder and Chairperson Thomas G Tsao said.

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Copyright: bignai

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