More questions than answers as financial probe continues at Zilingo
As per DealStreetAsia, the key issues of contention include the way Zilingo recognised revenue on its books and a previously undisclosed hefty tax liability; Zilingo had not filed financial statements with Singapore’s ACRA.
Sequoia announces steps to tackle ‘willful fraud’
The new measures come in the wake of a few startups under Sequoia’s portfolio facing issues such as financial irregularities; Its portfolio firm Zilingo recently suspended its founder Ankiti Bose over allegations of financial discrepancies.
Ant Group acquires 2C2P
2C2P offers fintech services such as payment acceptance, issuing, and pay-out to merchants across verticals such as ecommerce, financial services, airlines, travel, hospitality, and retail; As part of the deal, 2C2P’s pool of merchants will be plugged into Alipay+.
Indonesian cloud kitchen Hangry raises US$22M to fuel expansion
Investors include Journey Capital, Orzon Ventures, Sassoon Investment, Alpha JWC, Genesis Alternative Ventures and InnoVen; Hangry has 70+ outlets and aims to open between 15-30 more outlets this year.
Filipino BNPL player BillEase secures US$20M debt facility from Lendable
The new funding adds to BillEase’s recent US$11M Series B equity raised from BurdaPrincipal, MDI Ventures, and KB Investment; In addition to BNPL, BillEase also offers personal loans, e-wallet top-ups and popular wallets like GCash, and PayMaya.
‘NFTs offer greater operational efficiencies in administering a membership programme than traditional systems’
Ryde CEO Terence Zou believes its “ride-to-earn” model of breeding new NFTs and gamifying rewards can turn each ride from a perfunctory activity into something rather fun and exciting.
Journey Capital Partners debut new VC fund
It targets Series A startups in SEA with a focus on Indonesia, Singapore, and Thailand; From this new fund, Journey Capital has led an investment round into Indonesian foodtech startup Hangry.
Coins.ph names ex-Binance CFO as new chief exec
Wei Zhou brings with him 20 years of experience in the financial sector; A consortium he led recently purchased the Philippine-based digital wallet from Gojek for US$200M.
Society Pass spins off luxury e-tailer arm as Leflair Group
The Leflair Group will acquire e-commerce, lifestyle retail, and online advertising companies in a bid to expand from a single luxury fashion platform to a “lifestyle retail ecosystem” in SEA.
CyberAgent, VIC Partners invest in Vietnam proptech startup Reti
Reti follows an O2O distribution model that aims to bridge the gap between traditional and modern real estate distribution, improve the efficiency and professionalism of sales agents, and enhance the customer’s overall experience.
AirAsia parent Capital A to launch flying taxis in SEA
AirAsia Aviation Group signed an MoU in Feb to lease a minimum of 100 VX4 electric vertical takeoff and landing aircraft from Avolon; To launch the business, the air taxis will need type certificates, specialised aviation rules, and infra.
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