Finmo, an all-in-one treasury operating system (TOS), has announced an oversubscribed US$18.5 million Series A funding round, bringing its total funding to US$27 million.

The round was co-led by Quona Capital and PayPal Ventures, with participation from Citi Ventures.

The Singaporean startup will use the capital to accelerate its product development, invest in AI capabilities, and expand its global reach.

Finmo offers a unified platform that addresses the complexities of modern treasury operations. With features such as real-time payment capabilities and modular design for scalability, Finmo empowers organisations to optimise their cash management, enhance liquidity, and mitigate financial risks—all within a single platform.

Also Read: Human-centric skills in the age of AI: How to never lose touch with humanity in the workplace

Today’s organisations are global players that demand integrated solutions to streamline their treasury functions. Finmo was developed with a first-hand understanding of what treasurers and CFOs need, ensuring that the platform addresses real-world challenges faced by finance professionals today.

Ashish Aggarwal, Partner at PayPal Ventures, said, “Finmo is redefining treasury operations. Their innovative approach addresses critical pain points faced by businesses in today’s dynamic financial landscape.”

“Finmo’s innovative TOS addresses critical pain points for businesses operating in multiple geographies, empowering them with seamless cash and FX management capabilities,” said Ganesh Rengaswamy, co-founder and Managing Partner at Quona.

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The path to success is not always easy. Every year, around seven in ten startups fail. The startup world can be unforgiving and challenging if you do not have the perseverance to pursue your goal relentlessly, even when faced with rejections and hurdles.

Yet, this arduous journey was not daunting for me, even after many personal lows, including depression, a failed marriage, and the passing of my father. There was hardly anything left to lose, so I jumped into creating my business, and unsurprisingly, I’ve learnt plenty of important lessons.

Like many others, I was just an IT geek, employed in a cushy job, good with what I was doing in my field. In fact, I was one of the fastest to promote in my department within a year. When I was approached with the opportunity to start a business by my friends, I took the chance.

I was excited to build something special and believed in my partners and me to do so. With minimal experience and little money to fund our efforts, we created our first startup to provide business consultancy services.

Yet, I was unprepared, or ignorant, so to say. All the dreams about succeeding within a few months burst quickly. The truth was: for the next few years to come, I never saw hurdles coming my way until I tripped over them. 

The business was struggling to stay afloat in terms of operations and revenues, and in a desperate attempt, we decided to pivot into digital transformation solutions with a second startup. Unfortunately, the second startup faced the same fate. During the same period outside my career, my marriage was failing, followed shortly by the sudden passing of my father.

It was really the lowest point of my life. I still remember the day when I tried to withdraw money from an ATM and was only left with a two digits sum in my bank account. I felt miserable. Any sane person in that situation would make the most logical decision to go back to find a stable full-time job.

But I have already lost so much. Thinking I have nothing more to lose, I went on to start my third startup, Ximple, with a ‘do-or-die’ attitude.

Although my first two startups failed, there were precious experiences to be learned from these setbacks which I kept in mind while building Ximple. There were a few main reasons why the first two ventures failed.

The first mistake was not identifying and targeting the right industry and audience. Second, not having the right mix of talent to lead the various functions in the business. Thirdly, we couldn’t find the right unique selling points to stand out from the many competitors providing the same solution in this saturated market. 

On finding the right service and USP

One common mistake is assuming there is a demand in the market, and all you have to do is to launch your product and expect a need for your solution.  In other words, do not be convinced you have found a solution or a market demand until it has been assessed by consumers.

Also Read: How mental health startup Intellect’s founder catalysed his personal battle with anxiety

During my experience as Head of Regional Logistics in Singpost, I’ve witnessed different products from every company having their own return policy and process. For consumers, this means different products might have different procedures to go through for warranty exchange or servicing. 

Personally, I have also encountered the issue with warranty tracking and service maintenance for my own home appliances. I thought to myself: why was there no one-stop solution to address these issues and simplify the consumer experience? That was the idea that sparked the birth of Ximple.

When I was developing Ximple, one of the first things I started to work on was understanding the market. I started sharing ideas about the pain point of warranty tracking and maintenance based on my personal experience as a consumer.

I did a survey with more than a hundred friends to get a general idea of issues they faced with warranties and the way they handle them. Based on my market research, I began reaching out to companies in the industry via LinkedIn with a simple pitch deck.

Although the idea was acceptable from the start, it has to evolve quickly to cater to changing market needs and behaviour. Today, Ximple has evolved to become more than just a warranty management tool, but a one-stop platform that promotes a circular economy in the electronics market.  

So, if there is one thing aspiring founders must know, it is to know the market needs before deciding to plunge into a venture, and be prepared to adapt and change when necessary.

Pick the right team and elevate your own skill sets

Finding a key business proposition isn’t enough, a team has to get the right people to propel it forward. One of the key reasons for previous failures was due to no diversity in the management team with relevant experience to lead the many important functions within the company.

My Co-Founders in the previous ventures were all, like me, like-minded souls who specialised in IT. Realistically speaking, there was no one experienced enough to take charge of the sales and business front. No matter how great the product is, if there is no one skilled enough to present it to the public or investors, the business is bound to fail.

To ensure better success for Ximple, I know I had to onboard someone who knows how to sell the business better than me. That’s why in Ximple when we gather investors, we are not just looking for someone with money, but also with the right experience and value to help propel Ximple. 

Although now I have a strong management team to help run the business, I am still learning new skills as the Founder. I, too, have to up my game by constantly upgrading myself in order to learn and know everything from the ground up on the operation of the business.

During the initial stage of Ximple, I took up an accounting course to learn how to handle finance operations, and despite being an introvert, I attended a public speaking course in order to improve my presentation and networking skills.

Also Read: Succeeding as a technical founder with Dave Shanley

The key is to constantly push yourself out of your comfort zone and learn as much from the experience of your business partners. 

Careful expansion

Every startup would, of course, be eager to move and expand their business forward into another market but this takes calculated risks and considerations. My advice I give to new business owners that have come to me would be to understand the market and have someone you trust that can help run the business in the region.

In the case of Ximple, one of our trusted Malaysian shareholders is assisting us in the expansion. A year before we even expanded into Malaysia, we have already started connecting and talking to local business partners to understand the market.

By the time of our official launch in Kuala Lumpur, we had eight working business partners that shared the same vision with Ximple and to help drive Ximple into the Malaysian market. The right partnerships are important at the very core of any scaling process, so always take time to connect with others.

A note on taking the plunge

At the end of the day, the challenge in building your own business doesn’t just stem from the long hours you’re willing to sacrifice, or the guts to take ownership over something by yourself.

Always stay humble and stay curious when meeting new people. A strong management team with the right mix of talent and experience is always the most important to ensure the success of a business.

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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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Image credit: Ximple

This article was first published on August 30, 2022

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In the ever-evolving landscape of digital marketing, strategies are continually being redefined and reinvented. One such unconventional approach is reverse marketing, a tactic that seemingly goes against the grain of traditional marketing wisdom.

While most brands strive to highlight their strengths and positive attributes, reverse marketing takes a different route by deliberately positioning a product or service in a negative light. This strategy, which can be both risky and rewarding, has the potential to generate significant buzz and engagement, especially in the form of bad reviews designed to create marketing exposure.

But how exactly does this work? Let’s explore the various facets of reverse marketing through negative reviews and how they can be leveraged to capture the attention of audiences in a saturated market.

The contrarian perspective: Standing out by going against the grain

In a world where positive reviews are the norm, a well-crafted negative review can be a breath of fresh air. This approach leverages the contrarian perspective, where a reviewer takes a stance that opposes popular opinion. When everyone else is praising a product, offering a critical viewpoint can stand out and draw attention.

This strategy taps into the human tendency to be curious about differing opinions. A contrarian review can spark intrigue, leading readers to wonder if the product is truly as good as everyone else claims, or if there’s something they’re missing. By presenting a well-reasoned argument for why a product may not be as great as it seems, marketers can create a sense of curiosity and encourage potential customers to explore the product for themselves.

For example, imagine a highly anticipated smartphone release that has garnered overwhelmingly positive reviews. A contrarian article that critiques the phone’s design flaws or questions the necessity of its features can pique the interest of consumers who might otherwise have taken the positive reviews at face value. In this way, a negative review can drive traffic to the content and, ultimately, the product.

Humour and satire: Turning negativity into entertainment

One of the most effective ways to use a bad review for marketing exposure is by infusing it with humour or satire. When done skillfully, this approach can transform a negative review into a piece of entertainment that resonates with audiences.

Also Read: Conquer the B2B SaaS game: 10 content marketing strategies for startups

Humour has a way of making even the harshest criticism more palatable. A satirical review that exaggerates a product’s flaws can be both funny and memorable, leading to increased shares and engagement on social media. This type of content can go viral, drawing attention not only to the article itself but also to the product being reviewed.

For instance, consider a review of a high-end luxury item that playfully mocks its exorbitant price or over-the-top features. By using humour to highlight the absurdity of the product, the review can become a talking point, prompting readers to share it with their networks. This kind of exposure can be invaluable for brand awareness, even if the review itself isn’t glowing.

Honest critiques: Building trust through transparency

In today’s digital age, consumers are increasingly wary of overly positive reviews that seem more like marketing copy than genuine opinions. This has led to a growing appreciation for honest critiques that don’t shy away from pointing out a product’s flaws.

An honest review that acknowledges the shortcomings of a product while still recommending it for certain audiences can be incredibly persuasive. This approach builds trust with readers, who are likely to appreciate the transparency and feel more confident in making a purchase.

For example, a reviewer might write about a budget-friendly laptop that has great performance but lacks premium build quality. By honestly addressing both the pros and cons, the review can appeal to readers who value authenticity. These readers may be more inclined to trust the reviewer’s opinion and consider purchasing the product, despite its flaws.

Moreover, this type of content is more likely to be shared among consumers who are looking for unbiased information. By providing a balanced perspective, the review can attract a broader audience and generate more exposure for the product.

Stirring controversy: The double-edged sword of negative reviews

Controversy has long been a tool used by marketers to generate buzz, and negative reviews are no exception. A strongly worded, negative review of a high-profile product can stir up debates and discussions, leading to increased visibility.

Also Read: Generative AI: Unprecedented adoption rates in 2024

However, this approach is a double-edged sword. While controversy can drive traffic and engagement, it can also backfire if not handled carefully. A negative review that comes across as unfair or overly harsh can alienate potential customers and damage the reviewer’s credibility.

That said when executed with nuance and thoughtfulness, a controversial review can create a ripple effect across social media and online forums. Readers may feel compelled to share their opinions, whether in agreement or disagreement, thereby amplifying the review’s reach.

For instance, a scathing review of a popular video game that criticises its lack of innovation might provoke strong reactions from both fans and critics. This can lead to a surge in online discussions, with people flocking to the review to see what all the fuss is about. In the process, the review gains more exposure, and so does the game itself.

Engaging the audience: Turning reviews into conversation starters

Finally, one of the most effective ways to use a bad review for marketing exposure is by turning it into a conversation starter. A review that invites readers to share their own experiences or opinions can foster a sense of community and engagement.

This approach works particularly well when the review is open-ended, leaving room for discussion. By asking questions or encouraging readers to weigh in, the reviewer can create a space for dialogue that extends beyond the review itself.

For example, a review of a popular streaming service might end with a question like, “Do you think this service is worth the price?” This invites readers to share their thoughts, sparking a conversation in the comments section or on social media. The more people engage with the content, the more exposure it generates.

In this way, a negative review can become a catalyst for community building, driving traffic to the site and increasing the visibility of the product being reviewed.

Conclusion

Reverse marketing, particularly in the form of bad reviews, is a bold strategy that can pay off when executed with care and creativity. By leveraging the power of contrarian perspectives, humour, transparency, controversy, and audience engagement, marketers can turn negative content into a powerful tool for generating exposure and driving interest.

Of course, this approach is not without its risks. It requires a delicate balance of authenticity and strategy to ensure that the negative review doesn’t backfire. But for those willing to take the plunge, reverse marketing can offer a fresh and effective way to stand out in a crowded digital landscape.

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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 infographicJoin our e27 Telegram group, FB community, or like the e27 Facebook page.

Image credit: Canva Pro

This article was first published on August 12, 2024

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This is not your average entrepreneurship story. It is, in fact, quite unconventional, yet extraordinary. This is how one night changed the course of everything by turning us into an entrepreneur.

As a child, I was always looking for ways to earn some additional pocket money so that I could buy an Old Chang Kee snack after school. One day, I was staring at my reef aquarium, and it struck me – I have so many corals; why don’t I sell some of them online? That experience was my first taste of entrepreneurship.

I had intended to pursue a business course as part of my polytechnic education but was rejected. Nonetheless, enrolling in Ngee Ann Polytechnic’s (NP) Diploma in Mass Communication was a choice I never regretted. The course not only broadened my perspectives and gave me some of the best friends I have now, but it also taught me useful skills in areas such as public relations and digital marketing.

However, as I was still itching for something “business-y”, I applied for the Personalised Learning Pathway (PLP) Programme that NP offered. That gave me the opportunity to take up a minor in entrepreneurship and gain knowledge about business and being an entrepreneur.

The beginnings of my entrepreneur journey

In one of my modules, I had the chance to participate in a sustainability-themed hackathon and pitch ideas to the judges. I’d formed a team with my fellow coursemates, but we had forgotten about the hackathon until the night before our presentation due to hectic schedules and our focus on our coursework. We were frantic and started brainstorming ideas that very night.

Also Read: Fave Co-Founder Joel Neoh to head Prenetics’s consumer health subsidiary CircleDNA

We were almost out of ideas when I recalled fond memories of going to the farmers’ market with my mother to shop for fresh produce. I remember the long drive and how it was nearly impossible to reach the market by public transportation. The passion that our local farmers had for their trade and their produce was always heart-warming to see.

That was when I developed the idea. Why don’t we help these farmers bridge the gap and bring the farmers’ market closer to our housing estates? Furthermore, Singapore is working towards achieving the “30 by 30 plan” with targets to produce 30 per cent of the country’s nutritional needs by 2030. This meant more support was likely given to the farming industry – a bonus for our project!

Farmly was thus born out of a presentation done up in five hours that won us the hackathon and granted us the SG$5,000 (US$3,700) Kickstart Fund! 

Building a budding business

Starting a business is never easy. As three inexperienced students trying to navigate the field of entrepreneurship, it took time for us to get the hang of things. Thankfully, with NP’s support, we were given an office space to facilitate brainstorming ideas and engage in day-to-day operations, as well as access to a network of opportunities to further our business.  

Our mentor, Mr Allen Lee, the innovation manager at NP’s The Sandbox, played a crucial part in our business-building journey. His advice helped us to refine our business plan and also inspired the idea of adopting our expertise in marketing and design as the USP of our business.

That is why Farmly has the unique proposition of being a farmers’ market that brings fresh produce to local communities while serving as a marketing agency that helps farmers market their products online. This allowed us to differentiate ourselves from the competition, making us a more attractive option for our stakeholders.

A crucial part of a farmers’ market is the venue. We originally planned to have it indoors but realised that the charm of a farmers’ market lies in the bustling community surrounding it. This prompted us to realign our goals to host it at a convenient location and inspired us to look into various housing estates around Singapore. We eventually struck a deal with the Woodlands grassroots community and managed to secure a location sponsorship in an accessible neighbourhood.

Also Read: ‘Lack of the right team could break your business’: FreshToHome Founder shares his lessons

We are currently planning for our inaugural event to be held in December this year, around Christmas. There is still a long journey that lies ahead, but I believe we can make it.

Advice from an accidental entrepreneur

Initially, I was clueless about starting my own business. These are some lessons I have learnt and that I would love to share with anyone who might be on the fence about dipping their toes in entrepreneurship.

• Identify what makes you one-of-a-kind: At the end of the day, no one remembers the ordinary, so don’t be normal, be extraordinary! Find what differentiates you from the rest because that will be the reason for your success.
• Make use of the resources available: Building a business is a huge feat to take on alone. Being aware of the funds and support systems available, including the newly launched NP x Carousell Sustainability Lab for NP students. Getting the necessary help to support your dreams can take a significant weight off your shoulders. 
• Be detail-oriented: The littlest details matter, no matter how small. Be diligent and leave no stone unturned, as that one tiny detail you missed may turn out to be the most important one.
• Find your motivation: Find what drives you because interest can only last you so long. Motivation is the real driving force behind hard work and perseverance.

Farmly was founded by SG Grounded, consisting of three Mass Communication students from Ngee Ann Polytechnic, Ernest, Sharlene and Preethika.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

This article was first published on June 13, 2023

The post The story of an ‘accidental entrepreneur’ appeared first on e27.

We’ve all been there: standing in a never-ending line at an event, watching as organisers struggle to manage check-ins with outdated tools. Maybe you’ve waited while someone fumbles with a pen-and-paper list or had to dig out cash because it’s “cash only” at the door. It’s inconvenient for attendees, but for organisers, it’s an outright disaster.

The door is where all the pressure converges. It’s where the weeks (or months) of planning meet the real world, where every bottleneck can mean lost customers, annoyed guests, and a chaotic first impression. And in an age where technology is supposed to make everything seamless, the scene at many event doors is stuck in the past.

The hidden chaos organisers face

For organisers, the challenges at the door go beyond just keeping lines moving. Here’s what they’re up against:

• Lost revenue: Imagine dozens of potential attendees walking away because they don’t have cash or refuse to wait in a 20-minute line. That’s money out the door before they even walk in.
• No real-time data: The check-in process is a black hole for many organisers. Who showed up? When? How many no-shows were there? These questions go unanswered without proper tools, leaving organisers flying blind for future planning.
• Stress and confusion: Events are high-stakes, and the door is the pressure cooker. With people arriving all at once, slow systems or unprepared staff can quickly lead to chaos.
• Frustrated attendees: First impressions matter. Long lines and clunky check-ins can sour the mood before the event even starts, turning an excited crowd into a restless one.

Why are we still using outdated methods?

For many organisers, the tools available just don’t cut it. Traditional ticketing platforms often stop at the point of purchase, leaving organisers to figure out check-ins on their own. The result? Pen-and-paper guest lists, cash boxes, and staff scrambling to manually match names to tickets.

Even with digital solutions, clunky systems or app-only check-ins often create just as many problems as they solve. What happens when there’s no reliable Wi-Fi? Or when attendees show up without the right QR code? It’s no wonder so many event professionals dread the door.

The cost of inefficiency

The knock-on effects of a poor check-in process are massive. Let’s break it down:

• Lower on-site sales: A slow door process discourages last-minute ticket buyers. Those who might decide to join on a whim are often turned away by the hassle.
• Missed marketing opportunities: Without proper data collection, organisers miss out on valuable insights about their audience, making it harder to grow and improve future events.
• Reputation damage: An event that starts with chaos at the door is remembered for all the wrong reasons, no matter how good the rest of the experience is.

And the sad truth? Most of these problems are avoidable with the right tools and processes in place.

Also Read: How blockchain can revolutionise ticketing without disrupting the user experience

What’s the solution?

While every event is unique, some common principles can make check-ins less of a headache:

• Speed first: Every second matters at the door. Streamlining ticket scanning, payment processing, and guest verification is key to keeping lines moving.
• Flexible payment options: Cash-only systems are a thing of the past. Enabling credit cards, mobile payments, and even on-the-spot ticket purchases ensures no sale is missed.
• Data on demand: Organisers need tools that provide real-time insights into who’s checked in and who hasn’t—without requiring extra work from staff.
• Reliability over complexity: A system that’s too complicated or reliant on perfect conditions (like Wi-Fi) is bound to fail when it matters most. Simple, reliable tools make all the difference.

A better future for organisers

At Tessera, we’ve reimagined what ticketing can be, not just for attendees but for organisers who deserve better solutions at the door.

Here’s how we’re helping organisers leave the chaos behind:

• 5-second ticket purchases: Attendees can buy tickets in seconds, even on-site, ensuring no opportunity is lost.
• Boosted on-site sales: Faster processing has increased ticket purchases at the door by 50 per cent, giving organisers more revenue with less hassle.
• Real-time insights: Tessera’s tools provide immediate data on attendance, no-shows, and customer behaviour, empowering organisers with actionable insights.
• Stress-free experiences: Our platform is designed for reliability and ease of use, with no need for additional app downloads or overly complicated systems.

We believe the door should be a smooth transition, not a bottleneck. With Tessera, organisers can focus on delivering an incredible event experience instead of firefighting operational chaos.

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Image credit: neilurs

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