Cashlez becomes the first Indonesian fintech startup to be publicly listed, strategising expansion

Cashlez Worldwide Indonesia has become the first home-grown fintech startup to be listed on the Indonesia Stock Exchange (IDX).

As per a The Jakarta Post report, the startup will use more than half of the IDR87.5 billion (US$5.8 million) raised from the IPO to acquire IT firm Softorb Technology Indonesia as part of its expansion strategy, while the remaining funds will be used as the company’s working capital.

The company has managed to increase its initial public offering (IPO) price from IDR350 (US$0.23) to IDR384 within four minutes of opening the trade.

Cashlez President Director Tee Teddy Setiawan said that the firm plans to increase the number of its small and medium enterprises (SMEs) merchants using its platform.

“Cashlez is helping SMEs digitise amid the COVID-19 pandemic,” the company said in a press statement.

BCB Blockchain joins hands with JustCo to accelerate innovation

Singapore-based Building Cities Beyond (BCB) Blockchain has announced a partnership with workspace provider JustCo as part of its efforts to “accelerate innovation, strengthen communities, and bring forth collaborative opportunities”.

The collaboration kickstarts the BCB’s plans to expand further into the Asia Pacific (APAC) market with its smart city solutions.

The first area of the partnership will see JustCo support BCB’s workspace and event requirements in the Asia Pacific, where JustCo has over 40 centres in eight cities.

The co-working space company will offer preferential rates and incubate startups under the BCB ecosystem to promote collaboration and support innovation for the smart city solutions provider.

Also Read: Smarter cities: How blockchain can transform urban planning

In return, BCB will build events and enrichment programmes — including workshops, mentorship, seminars, accelerator programs, and competitions such as hackathons, that JustCo’s community can take part in.

BCB and JustCo will look to kick off these initiatives post-pandemic. In the meantime, BCB will look to enhance its digital transformation efforts by embracing virtual events.

Indian B2B insurtech startup MetaMorphoSys receives funding for SEA expansion

Pune-based B2B insurtech startup MetaMorphoSys ha announced that it has received an undisclosed amount in pre-Series A funding from Delhi-based early-stage VC fund Good Capital, as reported by Inc42.

Rahul Khanna, Co-founder and Managing Partner of venture debt fund Trifecta Capital, also participated in the round.

MetaMorphoSys said it will use the funds for product development, business expansion to Hong Kong, Singapore, Indonesia, and other Southeast Asia countries.

MetaMorphoSys is a SaaS-based on-demand digital insurance platform founded in 2016 by insurance veterans Amit Naik and Kewal Vargante with the goal of addressing the business and technology challenges of the global insurance industry.

Its platform allows legacy insurance businesses to plug into critical products that take time, effort, and capital to build such as motor, travel, personal accident, property, home, life, health, low ticket, and episodic insurance products.

The firm covers the entire value-chain, from customer acquisition to engagement, and provides a suite of products, including product configurator, underwriting, claims, recommendation, and AI/ML sales analytics engine among others.

—

The post Morning News Roundup: Cashlez becomes the first Indonesian fintech firm to debut on country’s Stock Exchange, plans to raise US$5.8M appeared first on e27.