Dear Pro member,

McKinsey’s latest report on global fintech funding reveals a significant shift in the industry’s trajectory. After a remarkable 177% YoY increase in 2021, fintech funding experienced a 40% YoY decline from US$92 billion to US$55 billion in 2022, largely attributed to a market correction. Despite this drop, over a five-year period, fintech’s share of total VC funding remained relatively stable at 12%, with only a marginal 0.5% decrease in 2022.

The report identifies the industry’s transition into a new era marked by a more conservative approach. Fintechs are moving away from the previous trend of rapid growth at all costs and embracing a slower, steadier pace. This shift is necessary due to the challenging and uncertain macroeconomic environment, fewer IPOs, and a decline in new unicorn creation.

Furthermore, the report emphasizes the growing influence of emerging markets, such as Asia Pacific (excluding China), Africa, Latin America, and the Middle East, in fueling fintech revenue growth. These regions represented 15% of global fintech revenues in 2022, with an estimated increase to 29% by 2028.

In addition, the report highlights the significance of generative AI in banking and suggests that fintech firms should focus on talent strategy and change management to harness the additional revenue potential it offers. Despite the funding decline, the fintech industry is still thriving, with publicly traded companies and unicorns demonstrating substantial growth, pointing to its continued importance in the financial sector.

Sainul,
Editor.

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Despite decline, global fintech funding remains fairly stable: report
According to the McKinsey report, global fintech funding declined 40% YoY to US$55B after a 177% rise YoY in 2021; However, on a five-year period, fintech funding as a proportion of total investment remained stable at 12%.

Temasek leads US$384M round of Ola Electric
The funds will be used to expand Ola’s EV business and to set up India’s first lithium-ion cell manufacturing facility in the southern state ofTamil Nadu; The company plans to launch an IPO in 2024.

EBay founder-backed VC firm secures US$350M funding
Flourish Ventures is an early-stage fintech investor; Flourish was spun out from the Omidyar Network; Flourish has invested in 71 fintech startups worldwide – including seven unicorns – and counts eBay founder Pierre Omidyar as its sole LP.

YouTrip lands US$50M for Southeast Asian expansion
Lightspeed Partners is the lead investor; YouTrip will use the capital to expand into Indonesia, Malaysia, the Philippines, and Vietnam; The multicurrency wallets firm claims to have processed about US$10B in annualised transaction volume to date.

Inteluck closes US$34M Series C round to expand regional footprint
The investors are Navegar and East Ventures; Inteluck provides tech-driven supply chain services to enterprises, spanning full truckload transportation, warehouse management, and international freight forwarding.

Singapore-based WeBuy Global raises US$15M in Nasdaq IPO
The social commerce and travel firm plans to use the funds for product development, marketing, and expansion into new markets; As of June 2023, the company has over 10M registered users and 100,000 active merchants.

Kopi Kenangan co-founder’s new VC fund hits US$12M first close
Kopital Ventures raised US$12M from Saison Capital, Trihill Capital, Impack Ventures, and others; The fund is focused on early-stage startups across Southeast Asia, mainly in Indonesia, to invest in 30-40 companies within the next three years.

Digital currency payment startup Triple-A nets US$10M
The investors are Peak XV Partners and Shorooq Partners; Triple-A is a digital currency payment institution that enables businesses to pay and get paid in both traditional and digital currencies, volatility-free.

Singapore’s car-sharing platform Drive Lah banks US$5M
The lead investor is ComfortDelGro; The two companies plan to collaborate on car connectivity and navigation tech initiatives; ComfortDelGro Australia will also provide up to 3,000 vehicles for Drive Mate, which is Drive Lah’s brand in the country.

Circulate Capital joins bio-based plastic firm Algenesis’s US$5M seed round
MIH Capital, Diamond Sports Group, and RhinoShield also participated; Algenesis will use the new funds to expand Soleic product lines into breathable waterproof textiles and injection moulded products like phone cases.

Qiscus raises US$2M from Bukalapak co-founder’s VC firm Init6
Qiscus provides an omnichannel customer engagement platform that helps businesses improve CX; The company said it has acquired 50M+ users in 10 countries in SEA; It will use the funding to accelerate SEA expansion.

Better Bite Ventures invests in Fattastic, Pivot Eat, Everything But
Fattastic enhances plant-based meat and dairy’s sensory and functional attributes, while Pivot Eat improves the structure and scalability of whole-cut meat alternatives; Everything But is a cultivated meat startup focused on pet food.

Moosa Genetics secures funding from East Ventures
Moosa leverages embryo transfer technology and innovative gene selection techniques like CRISPR to improve cattle breeding and beef production; By doing so, it improves meat yield and quality and, at the same time, also reduces the costs.

Indonesian market regulator OJK restricts Akulaku’s BNPL services
Akulaku has allegedly violated the supervisory obligations required by the government agency for BNPL offerings; The OJK is now asking the firm to adjust its business to comply with these rules.

Bangladesh-based Arogga gets US$4M to fight counterfeit drugs
The investors include The Venture Collective, Blue Collective, Iterative, Stella Maris Partners; Arogga aims to nip the counterfeit medicine issue in the bud by making genuine and affordable medication more accessible.

How AWAK alleviates dialysis patients’ pains using a lightweight device
Weighing 3kg, the AWAK device offers a wearable and ultra-portable dialysis solution, allowing patients to experience dialysis on the go.

How Chronicle taps into fan economy to bridge NFT and entertainment industries
Chronicle provides NFT-as-a-service for major companies in the entertainment industry, helping them reach out to fans.

How Tack One saves lives through an automatic flood detection device
Housed in a cube measuring only 8cm, the device can be installed as a standalone device with no additional equipment or infrastructure required; Once set up, the device autonomously monitors water level changes and triggers real-time alerts.

Logistics, supply chain industries need to unveil the Northstar of AI integration: Quincus
Quincus CEO Jonathan Savoir points out that companies need to solidify their digital transformation strategy and take it step by step.

Accelerating Asia on building a company culture that fosters innovation and inclusion
To achieve its mission, Accelerating Asia needs to implement an organisational culture that supports and promotes the values they live by.

Oyika revolutionises e-motorbikes in SEA with subscription plans, battery-swap stations
Oyika transforms the region’s motorbike landscape with smart e-motorbikes, affordable subscription plans, and off-grid electricity solutions.

How Singapore’s universities nurture future investment leaders
Singapore’s universities actively foster entrepreneurship and innovation skills among students, enabling them to thrive in dynamic business landscapes.

Rising above the noise: Why startups shouldn’t chase every news cycle
In such a dynamic environment, how can startups avoid being swayed by every headline? Should startup founders participate in these discussions?

How cybersecurity teams can involve HR to optimise incident response
Integrating HR into your cybersecurity strategy, from pre-incident training to post-incident follow-ups, adds an extra layer of security.

Skate to where the puck will be: How category design gives you a breakaway
True category leaders take a look at the current state of play and think beyond where the current players are positioned.

The future of startup fundraising in Singapore
Taking a deeper look into Singapore’s startup ecosystem by exploring some of the more popular means for startup fundraising.

Charting your equity course: Navigating funding rounds for startup success
A well-organised cap table attracts investors and ensures sound financial health for your startup throughout its funding journey.

Neuroscience to the rescue: How startups can dodge burnout
Startup founders, at risk of burnout, can gain insights into managing and preventing it by exploring stress and productivity neuroscience.

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The image used in this article is AI-generated.

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Mandiri Capital, a corporate VC arm of Indonesia’s Bank Mandiri, has launched a joint venture with early-stage VC firm Investible to establish a new climate tech fund.

Once fully established, Mandiri Investible Global Climate Tech Fund will leverage the expertise and resources of both VC firms to identify, invest in and support climate tech startups in the Southeast Asia and Oceania regions.

Also Read: Tack One aims to revolutionise extreme weather preparedness with innovative flood detection device

The new fund will explore opportunities in key sectors identified by the UN Environment Program (UNEP), such as energy, transport, buildings and cities, industry, food, agriculture, and forests and land use.

This climate fund offers a sustainable investment alternative in a region facing significant environmental challenges. Where the fund focuses squarely on climate technology, the initiative aligns with market demands and advancing regional sustainability goals.

Also Read: Oyika revolutionises e-motorbikes in SEA with innovative power subscription plans and battery-swap stations

This fund is a continuation of the Indonesia Impact Fund’s (a fund managed by state-owned Mandiri Manajemen Investasi) mandate to create a bigger impact on supporting the Net Zero Emissions Initiative, together with the APEC Business Advisory Council and UN Development Program to contribute to the archipelago’s sustainable development.

The new climate tech fund looks to tap into the growing economic interdependence between Australia, Indonesia, Singapore, and the broader Southeast Asian region. Up to 30 per cent of the fund’s investments will be exclusively allocated to Indonesia.

Launched in 2021, Investible’s Climate Tech Strategy has reviewed over 3,200 opportunities across 20 countries, deploying 19 investments.

Also Read: How blockchain can enhance sustainability in fashion

Investible CEO Rod Bristow said: “Mandiri Capital recognised the unique opportunity presented by Investible’s proprietary early-stage investment process, methodology, global networks, and experience as an early-stage climate tech investor. We believe the fund will deliver a unique combination of net zero outcomes and financial benefit for investors.”

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The She Loves Tech Global Conference 2023 concluded on Friday with the announcement of Aprisium as the winner of She Loves Tech Global Startup Competition 2023. The startup was the first Singapore-based company to be named a winner of the competition.

In addition to Aprisium, She Loves Tech also announced The Coring Company and Rayo as second and third winners of the startup competition.

It also awarded Dark Kak with the Catalyzing Women’s Entrepreneurship Award presented by the Economic and Social Commission for Asia and the Pacific.

Aprisium builds a technology that allows industries to monitor and enable industrial waste treatment. By winning this competition, it won a US$20,000 equity-free cash prize and other prizes such as AWS credits.

The Coring Company aims to make mining more sustainable while Rayo builds a browser that helps people with disabilities access the internet more easily.

Dark Kak creates jewelleries that allows women to record and report criminal activities that happened to them.

Also Read: 

As the world’s largest startup competition for women and technology, the competition hosts 29 regional rounds across 70+ countries, before culminating in the grand finals in Singapore.

The organising committee noted in a press statement that AI emerged as the top theme from the startups this year. Among thousands of entries across technology sectors, it is seeing a fascinating evolution and expansion of how AI is being used to solve problems.

She Loves Tech celebrates its ninth year with the She Loves Tech Global Conference October 26-27 in Singapore. The conference is the culmination of a worldwide startup competition celebrated over a two-day schedule of talks, workshops and the announcement of the winner on Friday.

This year’s theme of METAMORPHOSIS addresses the current ‘tech winter’, a period of prolonged, significant downturn in technology investments and business activities, and will debate the rising tension between rapid advancements in technology, such as AI and data collection, and the impact on life, society and the natural world.

Notable speakers at the event include acclaimed author Nir Eyal who shares insights from his latest book Indistractable: How to Control Your Attention and Choose Your Life, esteemed Singaporean VC Jenny Lee, and former Singaporean politician and entrepreneur Penny Low.

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Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Visit Flux Series: Marketing Leaders for more information! Read on to get discounted tickets.

In the rapidly evolving landscape of marketing technology, the integration of artificial intelligence (AI) is revolutionising how businesses approach their operational processes and workflows. AI-powered tools and algorithms have the potential to significantly enhance efficiency, accuracy, and scalability in these areas. Moreover, with the increasingly hyper-personalised needs of today’s market, businesses can leverage AI to achieve automation in operational processes within their marketing tech stack.

The AI marketing tech stack refers to the combination of software, tools, and technologies that leverage artificial intelligence and machine learning to optimise marketing efforts. It encompasses a wide range of functionalities, including customer segmentation, personalisation, content generation, predictive analytics, and more. As AI continues to advance, so too does the potential for automation within marketing operations.

Also read: Learn how to Harness AI for cost-efficient strategies with GDP Labs CEO & CTO

Automation in marketing operations offers a multitude of benefits. Firstly, it enhances efficiency by streamlining repetitive tasks, allowing marketers to focus on high-level strategic initiatives rather than getting bogged down in manual processes. This leads to more efficient use of resources and increased productivity. Moreover, AI-driven automation minimises human error, ensuring that tasks are completed with a high level of accuracy and consistency. This is particularly crucial in areas like data analysis and reporting.

The benefits of automation

As businesses grow, manual processes can become a bottleneck. Automation allows for seamless scaling, enabling companies to handle larger volumes of work without proportionally increasing their workforce. Additionally, AI-powered systems can process and analyse data in real-time, providing marketers with up-to-the-minute insights. This enables agile decision-making and the ability to respond swiftly to changing market conditions.

Within the future AI marketing tech stack, several key components drive automation. Customer segmentation and personalisation, for instance, leverage AI algorithms to analyse vast amounts of customer data. This enables the creation of highly targeted and personalised marketing campaigns. Natural Language Processing (NLP) and machine learning algorithms also play a crucial role in content generation. They can generate written content such as product descriptions, emails, and social media posts. This not only saves time but also ensures a consistent tone and style. Predictive analytics, on the other hand, utilise AI models to analyse historical data and predict future trends and consumer behaviour. This informs marketing strategies and allows for proactive decision-making.

Also read: Braze: Top customer engagement platform will be at Flux!

Other than these innovations, automation also encompasses other aspects of customer touchpoints such as chatbots which, when powered by AI, can become instrumental in handling customer inquiries, providing personalised recommendations, and even facilitating transactions. This enhances customer experience while reducing the burden on support teams. Automated email campaigns benefit from AI’s ability to optimise by segmenting audiences, determining the best send times, and even customising content for each recipient.

Challenges and the need for knowledge-sharing

While the benefits of automation in marketing operations are substantial, challenges exist. One significant challenge in achieving automation in operational processes within the future AI marketing tech stack lies in the knowledge gap among marketing teams.

As technology advances rapidly, it becomes increasingly challenging for marketers to keep up with the latest developments in AI and its integration into marketing processes. Understanding the intricacies of AI algorithms, machine learning models, and their applications in customer segmentation, personalisation, and predictive analytics requires specialised knowledge. Bridging this knowledge gap necessitates comprehensive training programs, ongoing education, and access to resources that empower marketers to effectively leverage AI tools. Without a solid understanding of AI capabilities, there’s a risk of underutilising the technology or misaligning it with your organisation’s marketing objectives.

Get discounted tickets today!

Additionally, there may be a disparity in the level of technical proficiency within marketing teams. While some team members may have a strong foundation in AI and data science, others may have limited technical expertise. This knowledge gap can lead to challenges in implementing and managing AI-powered solutions seamlessly. Effective communication and collaboration between technical experts and marketing professionals become crucial to bridge this gap. Providing accessible, user-friendly AI tools and fostering a culture of continuous learning and skill development can help mitigate this challenge and ensure that automation efforts are maximised for operational efficiency in marketing workflows.

Flux Series: Marketing Leaders

With all these challenges in place, Flux Series: Marketing Leaders offers a curated program tailored specifically for marketing professionals, providing them with in-depth insights into the latest advancements in AI technology and its applications in marketing operations.

Through a combination of hands-on workshops, roundtable discussions, and content stages, Flux Series equips marketing leaders with the practical skills and strategic understanding needed to effectively integrate AI tools into their operations. By fostering a learning environment that encourages collaboration between technical experts and marketing teams, Flux Series empowers professionals to harness the full potential of automation, ensuring that they stay at the forefront of innovative marketing practices in an ever-evolving technological landscape.

Also read: Adjust: Leader in app marketing will be at Flux Series!

As such, Flux Series: Marketing Leaders will be featuring a panel discussion on Achieving Automation in Operational Processes and Workflow in the Future AI Marketing Tech Stack. This panel will feature a slew of industry leaders who will be sharing their unique perspectives on how marketers today can leverage AI and automation to empower their brand.

Meet the speakers

Adrian Hoon is the COO / CMO of Global Poin Indonesia, the leading operator of GetPlus coalition loyalty program in Indonesia. He is a seasoned business development and marketing professional with over 20 years of marketing and technology industry experience in Asia Pacific. Adrian champions and leads his teams to formulate strategies and marketing solutions that drive marketing ROI and efficiency for industry-leading Travel, Retail, Media, CPG, Insurance and Telecom companies in the region.

PT Global Poin Indonesia is the operator of GetPlus, a free membership coalition loyalty program in Indonesia. Our members earn reward points from their everyday shopping from our wide range of online and offline retailer partners across all categories.

Tika Sylvia, the Chief Marketing Officer at Koltiva, boasts a wealth of experience in brand, marketing, and public relations across various sectors, including Prop-Tech, Logistics, Hospitality, and Food Delivery, primarily in tech startup companies. Her extensive journey includes her past roles at Ninja Van, Foodpanda Indonesia, Ogilvy, Kata.ai, RoomMe, and the Bali Safari & Marine Park, where she has finely tuned her expertise. Her forte lies in exceptional communication, data-driven marketing strategies, and a meticulous, analytical mindset.

With a demonstrated history of elevating productivity and effectiveness, Tika is presently directing her expertise toward the agriculture sector in her capacity as the Chief Marketing Officer at Koltiva. At Koltiva, Tika stands at the forefront of driving innovation and change in the marketing team. Her leadership plays a critical role in shaping the public image of the company’s commitment to building a global supply chain that is traceable, inclusive, and climate-smart.

Gerald Tjan, Director at Braze, is all about creating relationships with customers and helping them transform their businesses to be digital, achieving goals of engagement and growth faster and better. A proficient communicator, he looks forward to learning from the people around him. With 10 years of experience in the technology industry where he has led teams and provided strategic advice to fast growing startups in Singapore, he has helped many of the Braze customers with engaging their customers at scale, growth strategies and the technology to support that growth, realising the business impact of technology, fostering adoption of technology, and managing digital transformation.

Braze is a leading comprehensive customer engagement platform that powers interactions between consumers and the brands they love. With Braze, global brands can ingest and process customer data in real-time, orchestrate and optimise contextually relevant, cross-channel marketing campaigns, and continuously evolve their customer engagement strategies.

The panel will be moderated by Rio Ferdinand Kiantara, CEO of PT Advisia Anugrah Abadi. Rio is a Jakarta-based technopreneur with a Pan-Asian Vision. Over the years, he has had the privilege of guiding more than 100 companies and organisations, with a particular emphasis on go-to-market strategies and product-market fit. He takes pride in forging pathways for businesses to thrive, no matter the landscape.

Currently, alongside his esteemed partners Sandy Permadi and Goh Jing Rui, they are sculpting the future of Advisia, a research-driven consulting firm rooted in Indonesia. Our mission is to democratise insights and empower startups and traditional companies alike to navigate the intricate Southeast Asian market with finesse.

Join Flux Series: Marketing Leaders

Join these industry leaders and more at the Flux Series and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

Join Flux Series: Marketing Leaders with discounted tickets here.

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Flourish Ventures, an early-stage fintech investor for the US and emerging markets, has secured US$350 million from Pierre Omidyar, bringing its total funding to US$850 million under management.

Also Read: Despite decline, global fintech funding remains fairly stable: McKinsey report

This funding comes on top of the initial US$200 million in portfolio investments and US$300 million in capital it secured at the time of its spinout from Omidyar in 2019.

The VC firm aims to build towards a permanent capital base while doubling down on the US, African, Asian and Latin American markets. Key investment themes are digital banking (neobanks), embedded finance, infrastructure, insurtech, and regtech. Its active investment areas include next-generation B2B payments, verticalised embedded finance platforms, the transformation of core legacy infrastructure, and data analytics across banking, insurance, payments, lending and identity.

Also Read: Digital payments: Adapting to a changing world

Flourish Ventures has seven unicorns and many exits across our 71 global fintech investments and 18 ecosystem partners. Southeast Asia’s portfolio companies include Brick, Mapan, Qoala, and Ruma (all Indonesia) and Zaapi (Singapore). In 2021, it exited Grab Financial via an SPAC merger.

In India, Flourish Ventures has invested in Affordplan, ApnaKlub, Aquaconnect, CredFlow, Gramcover, Indifi, Kaleidofin, M2P Fintech, MyShubhLife, NeoGrowth Credit, QueueBuster, Scripbox, and ZestMoney (all India). ShopUp (Bangladesh) is also its investee.

Also Read: In Indonesia, the problem is lack of insurance accessibility, not affordability: Qoala CEO

“The work of our portfolio companies has helped improve the financial well-being of more than 250 million people and businesses worldwide. However, we realise there is still plenty more to be done – especially in light of the lingering effects of the COVID pandemic, global conflicts, and climate shocks that are causing alarming increases in household vulnerability,” Flourish Ventures said in a statement. “Digital financial services are lifelines for people and businesses facing emergencies like a health crisis or a natural disaster, as they facilitate access to social safety net programs, payments, credit, and even healthcare.”

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