Australian fintech startup Airwallex locks US$160 million Series D for expansion
Cross-border financial startup Airwallex has raised US$160 million in a Series D round from ANZi Ventures according to TechCrunch. Other investors include Salesforce Ventures, and existing investors DST Global, Tencent, Sequoia Capital China, Hillhouse Capital and Horizons Ventures.
The new funding will be used on potential acquisitions and expansion to the US, Europe and Middle Eastern markets. Plans to launch new products, such as payment acceptance tools, have also been expressed.
The unicorn company had already reached a valuation of more than US$1 billion last year, according to TechCrunch.
“Being able to transact and do business with customers all over the world is a key criterion for companies who are going through a digital transformation. We’re excited to partner with Airwallex at this critical time in its growth, expanding both its footprint globally and its product capabilities,” said Salesforce Ventures’ head of Australia Rob Keith.
Fintech company TransferWise plans to launch cross-border money transfer service in UAE
London-based TransferWise, which already has an extended reach in Asia now plans to expand to the Middle East and North Africa with the launch of cross-border money transfer service in UAE, according to Kr-Asia.
The company has around 14 offices across the globe and claims to have handled US$3.9 billion (S$5.34billion) in cross-border transfers every month for four million customers.
“Sending money abroad should be as easy as sending an email, yet many people are still reliant on expensive, slow legacy services. People can now send money to over 80 countries without leaving their homes, and all at the real, mid-market exchange rate,” said Kristo Käärmann, co-founder of TransferWise.
Transferwise had also partnered with PayNow recently to offer more customers more choices to make payments.
Setu lands US$15M Series A for its financial service platform
Setu, a Bengaluru-India based startup that provides open APIs across bills, savings, credit, and payments has raised US$15M in a Series A round led by Falcon Edge Capital and Lightspeed Venture Partners US. Existing backers Lightspeed India Partners and Bharat Inclusion Seed Fund also joined the round.
The fresh capital will be used to develop its platform further, strengthen the hiring team and introduce new features.
“We want to reimagine financial services for every Indian, rich or poor, by enabling developers to build products that weren’t possible before. Patience, capital, experimentation, and stellar execution are essential to make this magic happen,” said Nikhil Kumar, co-founder of Setu.
“We are on a decades-long path to building financial infrastructure that will be used for generations to come,” he asserted.
Revolut, StashAway, PolicyPal join forces to support medical heroes during COVID-19
Fintech company Revolut, investment management company StashAway, and insurtech company PolicyPal come together to support medical heroes during COVID-19 in Singapore.
The goal is to offer financial, insurance and rides benefits, to support their wellbeing during this crisis.
Also Read: News Roundup: Novade raises Series B funding; Temasek JV invests in UK startup
Revolut will be providing medical personnel three per cent cashback for every transaction made on Revolut VISA card and up to S$50 rides rebates per week for any ride services.
PolicyPal will offer Personal Accident COVID-19 insurance with a diagnosis benefit of US$3,000 and up to US$2,000 outpatient medical expenses reimbursement. Medical personnel are also eligible to receive free investing for six months offered by StashAway, making sure they will be financially secured once COVID-19 is over.
Indonesian government criticised over relationship with presidential special staffs’ startups
In an article by The Jakarta Post, critics are questioning the relationship between startups founded by presidential special staffs with the Indonesian government after the former are being called to get involved in national-scale programmes. The presidential special staffs were accused of conflict of interests and lack of transparency.
The pre-employment card programme is an initiative by the government to aid job seekers and laid-off workers by granting them access and funding to a range of training.
Adamas Belva Devara, a presidential special staff who also happens to be the CEO of education startup Ruangguru, got tangled in controversy when the government appointed his company (among several other startups) to provide training for the programme.
Devara, in a statement on Twitter, said that he was ready to step down from the position but the decision “should be discussed with the palace”.
Other than Ruangguru, education startups MauBelajarApa, Pijar, Pintaria and Tokopedia Pintar are among the startups engaged in the programme.
“Some startups are cosying up to the government to keep getting projects and sustain their business,” Institute for Development of Economics and Finance (Indef) economist Bhima Yudhistira told The Jakarta Post.
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Image Credit: Sean Pollock
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