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Chris Angkasa replaces Jason Lee as CoHive’s new CEO

Angkasa

Chris Angkasa, incoming CEO of CoHive

CoHive, an Indonesian coworking startup, announced today that Chris Angkasa has been named as its new CEO. Angkasa will take over the position from Jason Lee, who will continue as the company’s President.

Angkasa founded Clapham Collective, one of the earliest coworking spaces in Medan. Since Clapham merged with CoHive in 2017, Angkasa has been on the company’s Board of Advisors.

“This is an unprecedented time for coworking spaces—not just for us, but also for independent spaces, our competitors and friends, and also our landlords and strategic partners. It forces us to think through how we should adapt to the changing landscape of the business we are in,” Angkasa said.

Also Read: Coworking office spaces are better investment for startups and entrepreneurs

“Coworking is not only about space. We value the community of people and our shared values. Our vision is to create a network of places where people can do their best work. By providing community, tools and infrastructure, we aid their personal growth and productivity,” he added.

“This transition is an indicator that different seasons require distinctive and fresh perspectives—this pandemic has forced us to adopt a new way of working. In a time marked by the prongs of the pandemic, we are sure that Chris will ensure that CoHive will continue to innovate, adapt and thrive as the world moves into a time of recovery,” remarked Willson Cuaca, Founding Chairman of CoHive.

CoHive is one of the first coworking businesses in Indonesia. Incubated by East Ventures in 2015 as EV Hive, the company aims to provide a community hub for entrepreneurs and startups to start and grow their businesses. The company was rebranded to CoHive in June 2019 as part of its strategy to diversify its business after raising a US$13.5 million Series B funding round.

The company is present in 30 locations across Jakarta, Tangerang, Medan, Surabaya and Yogyakarta. It has recently launched an 18-story coworking building as its offering.

Image Credit: CoHive

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Tunas Farm raises pre-seed funding from Gayo Capital to launch its urban farming technology

Left to right: Jefri R. Sirain (Gayo Capital), Ishara Yusdian (Gayo Capital), Widya Surya Prayoga (Tunas Farm), and Edward Ismawan Chamdani (Gayo Capital)

During the pandemic, there is a greater awareness among the public on the importance of nutrition, especially when it comes to building a proper immune system. Noticing this trend, Widya Surya Prayoga, Rudwiky Okta Putra, and Topaz Kumoro became inspired to start Tunas Farm, an Indonesian startup that integrates urban farming with technology.

Tunas Farm started off by building an indoor farming production facility in Gading Serpong, Banten province, using the hydroponic method. The startup caters the B2C segment by implementing the farm-to-table concept that enables customers to enjoy the vegetables that they just farm themselves; their operations are also supported by their in-house logistics team.

Recently, in order to launch its business, Tunas Farm raises an undisclosed pre-seed funding round from Gayo Capital. The funding is meant to develop its IoT-based hydroponic farming system.

The Tunas Farm team is currently preparing its facility in Garding Serpong to become a production facility and an indoor display of vertical farming, which is scheduled to be completed in the near future. They are also set to build a similar facility in other areas and to provide training for home-based hydroponic farming.

In future, Prayoga also stated that Tunas Farm is set to launch an IoT-based hydroponic kit that will enable customers to start their own urban farm at home.

Also Read: Startup of the Month, October: Bangkok-based agritech startup Freshket

The rise of agritech startups in Indonesia

While agritech business is often said to have great potentials in Indonesia, by far there has not been that many startups in the country that aims to significantly improve the farming process itself. There are many technologies that can be used to maximise this process, from IoT, big data, machine learning, to computer vision. This is especially relevant as there remain many challenges in the agriculture sector, from production to distribution.

One of the most popular agriculture verticals among tech startups is supply chain –the ability to enable business and individual customers to access fresh produce straight from the farmers. This approach also enables farmers to a fairer price for their works. Apart from that, there are also solutions that aim to help farmers finance their operations.

More and more startups in Indonesia have begun offering tech solutions to support production. A great number of these solutions are still in the research and development stage, as commonly found in various incubators, competition, or hackathon, but some of them have started manufacturing process. In addition to Tunas Farm, there is also Mertani, Tanibox, and Neurafarm.

Mertani provides IoT and big data solutions to help farmers monitor their farms on a much larger scale.

Meanwhile, Neurafarm builds an artificial intelligence solution called Dr Tania. It helps farmers to identify different types of plants disease based on the photo that they upload to the platform.

In an even smaller scale, Tanibox presents sensor-based equipment to help customers build a small farm at home.

This article was written by Randi Eka Yonida in Bahasa Indonesia for DailySocial. English translation and editing by e27.

Image Credit: Tunas Farm

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Ecosystem Roundup: gojek invests in Bank Jago; DBS launches currency, crypto exchange

gojek buys 22% stake in Bank Jago to expand its payments services footprint in Indonesia; The deal, however, doesn’t alter the control of Jago, as Metamorfosis Ekosistem Indonesia and Wealth Track Technology (WTT) still hold a combined 51% in the tech giant; In 2019, the bank made headlines when gojek investor Patrick Walujo invested in it through WTT. More here

Singapore bank DBS starts currency and crypto exchange; Touted as the first for trading fiat money and cryptocurrencies with backing from a traditional bank in the country, the platform uses blockchain to allow traders exchange Singapore, US, and Hong Kong dollars, and the Japanese Yen for Bitcoin, Ether, Bitcoin Cash and XRP. More here

foodpanda CTO: Why autonomy is important for developing agile tech teams; Benjamin Mann says that their engineering and product teams have the liberty to erase their road map and prioritise what they feel is more important; He also stresses on the importance of finding a balance between customer feedback and data. More here

Temasek injects US$50M into India’s new early-stage VC fund Info Edge Ventures; Launched in January 2020, the US$100M fund has already invested in nine startups in e-commerce, digital media, fintech, edutech, healthtech, gaming and SaaS. Temasek itself has recently invested in Bits x Bites and EV Growth. More here

TurtleTree Labs closes US$6.2M pre-Series A round to accelerate R&D of cell-based human milk; Both existing and new investors, including Green Monday Ventures, Eat Beyond Global, KBW Ventures, and Verso Capital, joined the round; The funding comes fresh off TurtleTree’s win at the Entrepreneurship World Cup, where it secured US$500K in cash prize. More here

Waresix acquires Trukita to grow its freight and trucking network in Indonesia; Waresix focuses mainly on renting out warehouses to businesses whereas Trukita helps large and small business find the best transportation services; This acquisition allows Waresix to expand its offerings into first-mile logistics (transportation of goods from the port to the warehouse) and in turn, provide clients with one-stop logistics services. More here

Thailand to roll out New Smart Visa rules for digital nomads; Allowing up to four years stay without a work permit, the new rules have already been approved by the Centre for Covid-19 Situation Administration; The next step required for the new rules to be implemented is Cabinet approval. More here

5G subscriptions in Vietnam forecasted to reach 6.3M by 2025; Vietnam and Singapore are expected to be the first SEA countries to roll out 5G in 2020-2021. While the market penetration in Vietnam in the early stage of 5G implementation will be lower than that in Indonesia and Thailand, but growth is projected to accelerate in the later stage. More here

How Singapore used design thinking for workplace mental health policy; In developing workplace mental health guidelines, the country sought the expertise of Co-Lab, an innovation unit in the Ministry of Manpower (MOM) that uses design thinking, behavioural insights and data analytics to improve labour policies. More here

PwC: Singapore startup ecosystem is poised to bounce back post-pandemic; The pandemic may have caused a decline in funding, but it has also given startups the opportunity to address the new post-COVID-19 problems that are emerging.
More here

Indonesia looks to adopt innovative methods to boost its e-government; According to Dwi Wahyu Atmaji, Secretary of the Ministry of Administrative and Bureaucratic Reform, the Indonesian government is in the process of carrying out knowledge-sharing activities with South Korea in a bid to enhance its Electronic-Based Government System. More here

SOSV names former TechCrunch COO Ned Desmond as Senior Operating Partner; Desmond left TechCrunch this summer when he was soon contacted by SOSV founder Sean O’Sullivan. More here

Singapore firms trialling the use of digital health passports to verify travellers’ COVID-19 test results; Affinidi, Accredify, and ICC AOKpass are some of the tech companies that are working to develop digital health passports for both inbound travellers to Singapore and the Singapore-Hong Kong travel bubble pilot; With at least 10 digital health passports being developed by various organisations, a key problem will be interoperability. More here

New app monitoring nutrition of children launched in Indonesia; Indonesia’s Department of Nutrition and Health announced that it has spearheaded the launch of the E-Toddler Application Implementation Assistance Programme for Stunting Management; As part of an effort to infuse tech into a wider array of government operations, this new system is part of a stunting prevention initiative of the companies’ Community Development Programme. More here

SoftBank-backed Chinese warehouse solutions startup bags US$100M in series C+ round; Quicktron Intelligent Technology announced a US$100 million series C+ funding round from Saudi Aramco’s investment unit Prosperity7 Ventures and Kion Group, a German multinational manufacturer of materials handling equipment; BOCOM International (a subsidiary of the Bank of Communications), Shenwan Hongyuan, and CCB Principal Asset Management, and existing investors also participated in the funding round. More here

From India’s richest man to Amazon and 100s of startups: The great rush to win neighbourhood stores; Both Walmart and Amazon face restrictions on what they could do in India, but the companies have partnered with tens of thousands of neighbourhood stores to leverage their vast presence; These stores —kirana— also have the advantage of being in close proximity of the companies’ potential customers. More here

Singapore firm’s virtual payment card lets visitors go cashless in China; Aleta Planet, a China-centric fintech firm started by Singaporean Ryan Gwee, launched its AP-1 virtual card for QR code through UnionPay; The platform enables travellers in China to use e-payments services without the need for a local bank account. More here

How climate change can threaten food production in Singapore; Having been reliant on food imports, Singapore’s strategy of food source diversification has served it well; However, the country’s effort to increase local food production might be threatened by climate change. More here

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Traveloka considers SPAC option as it plans to go public

Traveloka

Traveloka, the Indonesian online travel app unicorn, announced on Monday it has its eyes set on going public and was evaluating a merger with a special purpose acquisition company (SPAC) as a possible listing option, as per a Reuters report.

“A SPAC is one of the options we are evaluating given we have been approached by a few,” Traveloka President Henry Hendrawan said in a statement in response to a Reuters query.

According to the report, a source with knowledge of the matter said Traveloka is still deciding between a conventional IPO or a SPAC and could be valued up to US$6 billion.

Hendrawan had previously shared with Reuters in late 2019 that the platform is considering a possible dual listing in Jakarta and another centre such as the US.

He also shared with media in October that he expected Traveloka to potentially be profitable by 2021.

Also Read: Innovate and go: How Traveloka revamps its services to comply with changing travel behaviour 

Traveloka had recently closed a US$250 million funding round in July 2020 from a host of investors including Singapore sovereign wealth fund GIC and East Ventures.

This news comes amidst the growing popularity of SPACs in the region as Indonesian e-commerce giant Tokopedia had announced last week it was considering SPAC as a potential option for their plans to go public.

In an interview with e27, experts commented that the SPAC model that the company is implementing can be “an alternative” way to fundraise for startups in SEA.

“Having seen the more than 100 SPACs emerge in North America earlier this year, we are not surprised to see this new SPAC coming out to focus on Southeast Asia. We welcome this initiative, which will provide an alternative path to liquidity and access to public markets for one or more rising tech, financial services or media company in the region,” said Sanjay Zimmermann, Senior Associate at White Star Capital.

More from this story as it develops.

Image Credit: Traveloka

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Ecosystem Roundup: Traveloka considers SPAC as a listing option; OVO, ZA Tech form insurtech JV

Traveloka considers SPAC option as it plans to go public; Eyeing a valuation of US$6B, Traveloka president Henry Hendrawan had previously stated that the company is considering the possibility of a dual listing in Indonesia and other country such as the US; East Ventures Managing Partner Willson Cuaca, who is an investor at Traveloka, stated that the company will be profitable by 2021. More here

ZA Tech forms insurtech joint venture with Indonesian e-wallet OVO; ZA Tech will provide know-how in insurance innovation and proprietary technology by offering well-defined platform-based solutions, which are built on the latest technology and capable of processing high volumes of data; The partnership aims to tap Indonesia’s largely underinsured population with only 1.7% out of the 265+ million being insured. More here

Digiasia Bios raising US$50M debt, eyes strategic investments; Co-Founder Alexander Rusli said that the company is open to divesting a minority stake to strategic partners as part of the equity fundraising plan; The company wants to use the funding to provide support to warung (mom-and-pop stores) in Indonesia. More here

Finantier secures funding from Y Combinator for its Open Finance platform; The company had previously raised a pre-seed round from investors including East Ventures, AC Ventures, and US-based Two Culture Capital; With this financing, Finantier seeks to expand its technology team and continue to grow its product offerings. More here

Cakap bags US$3M in Series A+ funding to expand its language learning platform in Indonesia; The investment was led by Heritas Capital with participation from Strategic Year Holdings and existing investors Investidea Ventures and Prasetia Dwidharma; The fresh funds will be used for talents acquisition, product development, and business expansion. More here

Navisteps snags US$1M in pre-seed funding to expand its corporate expense & travel management platform; The angel investors involved in the funding round included Yasuhide Fujii, Partner at KPMG Advisory (Myanmar), and Takuya Aiba, CEO and Founder of SpringLiner; The funding will be used to support market expansion in Asia and product development. More here

Fintech unicorn Pine Labs exceeds US$2B valuation after funding from Lone Pine Capital; While the terms of the deal remain undisclosed, sources believe it to be close to US$75-100 million; The company recently raised funding from payments giant Mastercard that brought it to unicorn status. More here

How foodpanda CTO approaches hiring and retaining the best tech talent; In this interview, Benjamin Mann shares how to cultivate an agile mindset and build a culture, use A/B testing effectively, work with customers’ feedback as well as his insights on notable trends in food delivery. More here

Tunas Farm raises pre-seed funding from Gayo Capital to launch its urban farming technology; Tunas Farm is currently preparing a production facility in Gading Serpong and an indoor display of vertical farming; They are also set to build a similar facility in other areas and to provide training for home-based hydroponic farming. More here

DRVR secures undisclosed funding from Smart Axiata’s Digital Innovation Fund to grow its fleet analytics platform; The company wants to expand its services into Cambodia and hire across the board; In 2018, it secured US$450K from an undisclosed group of investors and had earlier secured a small round of funding from an angel investor group in Hong Kong. More here

Skuad secures US$4M to ease remote team hiring through a single employment platform; Led by BEENEXT and Anthemis Group, other investors in the company included Alto Partners Multi-Family Office and Rohan Monga, CEO of Zenius Education. With the new funding, Skuad intends to develop its remote employment infrastructure and scale its growth team across multiple geographies. More here

11 Malaysian startups selected to join the Microsoft Emerge X Programme; The 11 startups include Alpha Red Services, Betacard, Leaderonomics Digital, Naluri Hidup, OrangeFIN Asia, SalesCandy, Setel, Softinn Solutions, Soft Solvers Solutions, Supplycart.my, and Talentcloud.ai; They will be participating in a year-long mentorship programme with Microsoft for Startups. More here

Cultured protein: A guide to every cell-based meat startup in the world right now; From a geographical standpoint, North America and Europe dominates the industry; There are 25 companies based in North America, 23 in Europe and only ten in Asia as well as an additional ten from other parts of the world. More here

Digitising Thailand’s food chain: National traceability system to focus on organic products first; The government of Thailand has ambitious plans to digitise the nation’s food and agricultural industry and is starting with a national tracebility system TraceThai; It will first focus on tracking organic foods, according to the Ministry of Commerce. More here

HKSTP launches biobank and biomedical informatics platform; These platforms are firsts for both commercial and academic biomedical tech research and development in Hong Kong and set to foster biotech co-creation and commercialisation; The initiatives are available for use by Park companies, as well as universities and research institutes. More here

Thailand leveraging smart health to be APAC’s new medical hub; Thailand’s National Broadcasting and Telecommunications Commission (NBTC) said that advancing the country’s healthcare infrastructure to become an APAC medical hub within five years will require significant technological development in telehealth, smart medical applications, and robotics; Leveraging smart health tech and robotics will also be dependent on the reliable availability of 5G connectivity in hospitals and medical centres. More here

Image Credit: UX Indonesia on Unsplash

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Data will help public-private partnerships build future resilience in SEA. Here’s how

data driven partnerships

The COVID-19 pandemic has left no country untouched or industry undisrupted. It has proven to be a challenge too large for any one government or sector to tackle alone. From healthcare authorities and big pharmaceuticals to tech companies, one crucial factor in the fight against this dreadful disease is the ability to adapt. But to rise to the occasion, organisations first have to understand where they need to get to, and that requires information, or data.

Across the globe, the monitoring and analysing of big data for actionable insights is being put to use, giving rise to initiatives such as contact tracing, movement control in highly-affected areas, or the distribution of financial aid to people in need. But state-sanctioned measures or corporate-led campaigns can only go so far. To make a real impact, the public and private sectors must work together, sharing information and combining resources.

In Southeast Asia, with infrastructure development and public funding so varied between nations, public-private partnerships (PPPs) are even more vital to ensure timely and beneficial solutions to socio-economic challenges.

By removing barriers and information silos between sectors, data-driven PPPs can be formed, which will effectively address some of the biggest hurdles of the crisis, such as healthcare infrastructure, and general wellbeing and mental health, and create swifter and smarter responses to the pandemic that will pave the way to a more resilient and sustainable economy. 

In the region’s more developed economies, such as Singapore, strategic and open collaboration between public and private entities has led to an effective, agile and inclusive crisis response. A strong example of this is contact tracing. In Singapore, the government collaborated with a group of private-sector technologists to build a secure and comprehensive COVID-19 contact tracing system, named TraceTogether.

Also Read: (Exclusive) Palexy picks US$1M funding to help offline stores achieve e-commerce-like success through real-time consumer data

Taking the form of  a physical token and a mobile app, the system exchanges Bluetooth signals with other TraceTogether users nearby, gathering data to aid digital contact tracing efforts. The incredibly short timeline of this project – the TraceTogether app was launched in March 2020 – can undoubtedly be attributed to the collaborative efforts between the government and the private sector.

Combining information sources, as well as knowledge and expertise in hacking, firmware development and privacy, this PPP leveraged data-driven insights to deliver an effective and secure solution that would not have been achieved without swift contributions from both sectors.

Similarly, in Danang, Vietnamese authorities worked with tech companies to effectively execute localised lockdowns to curb isolated COVID-19 outbreaks whilst managing to avoid a wide-scale economic shutdown. Having to amass far-reaching, ear-to-the-ground data on COVID-19 cases, the government identified alternative solutions from the private sector.

Leveraging Facebook’s Disease Prevention Map and Google’s Community Mobility Reports, the Vietnamese authorities were able to access and study mobility data. This collaboration led to a rapid and efficient curtailment of movement in specific areas, as opposed to a full lockdown nationwide.

As a result, Vietnam was able to limit the economic impact while containing the disease and reopening the targeted areas faster than it would from a national lockdown. Through this PPP, the government was able to monitor and evaluate the impact of its national policies almost in real-time, iterating and refining measures adaptively based on big data insights made possible by private-sector companies. 

In another example of a successful collaboration between the government and the private sector, Gojek established a data-driven initiative in Indonesia to provide financial assistance to millions of essential transport workers during the pandemic. Gojek worked with Indonesia’s Ministry of Economic Affairs to help identify ride-share drivers and provide them with over IDR1 million (US$93) in economic aid.

By leveraging insights from driver data, Gojek helped the government identify those most likely to be financially impacted by the disruption so it could distribute aid in tiers to support those most in need. 

Also Read: PropertyGuru further expands footprint in Malaysia with acquisition of MyProperty Data

The above PPPs offer valuable lessons and a blueprint for future innovation and resilience in Southeast Asia. Thanks to a surge in tech companies investing in the region, there is a growing wealth of data being generated and collected. This presents exciting potential for innovation across Southeast Asia, based on actionable insights mined from big data that go far beyond the pandemic response. 

The opportunity is twofold: first, in solving mobility problems – such as traffic congestion and pollution – in traffic-heavy countries such as Indonesia and Thailand, and second, in building smart cities in densely populated and technologically-advanced countries such as Singapore. For example, in 2019, Gojek signed a partnership with the Indonesian government to accelerate the development of Jakarta’s smart city project, with the goal to build a safe and more integrated transport system.

Under the partnership, Gojek used open data to identify the city’s most-frequented transit hubs and worked with the government to build shelters or pick-up zones at the hubs. The result was an increase in public transport ridership, with Gojek serving as the first and last mile transport provider for those journeys. Such innovations are made possible through collaboration between the public and private sector, which leads one to think: How can we foster a culture of even greater collaboration, and what other possibilities are there? 

Greater collaboration will require higher levels of trust and openness between the public and private sectors. For governments, they should view the sharing of data with private companies as integral to improving people’s lives from a more ground-up, community approach. For companies, they will need to ensure easy and secure access to data for partners, and foster an insights-driven culture.

Building such a culture is easier said than done, as it includes building a robust data architecture and infrastructure, hiring the right talent, and empowering all employees to think like data scientists. As nations across the world hunker down to get through the awful effects of COVID-19, governments and businesses must embrace the lessons, failures and achievements from this year, to work towards their targets, and build a brighter and more resilient future that is driven by data.

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Image credit: Sincerely Media on Unsplash

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Cakap bags US$3M in Series A+ funding to expand its language learning platform in Indonesia

Cakap

The Cakap team

Cakap, an Indonesian online language learning platform, announced it has raised US$3 million in a Series A+ funding round.

The investment was led by Heritas Capital. Participating investors included Strategic Year Holdings and existing investors Investidea Ventures and Prasetia Dwidharma.

As per a press release, the fresh funds will be used to expand its team, improve its technological solutions and grow its business across Indonesia.

Established in 2013, Cakap develops online learning applications enabling two-way interaction between students and professional teachers through video calls and text conversations.

The edutech startup claims it achieved profitability this year and its student numbers have grown 10 times since the beginning of the year and 30 times compared to the same period last year.

“Our solution solves the problem of the lack of access to high-quality education, not only for students in the big cities but also for the whole of Indonesia, including third tier cities and remote areas. We are excited to be part of the digital learning transformation in Indonesia, increasing access to high-quality education and elevating people’s lives in the long run,” said Tomy Yunus, Co-founder and CEO of Cakap.

Also Read: These Indonesian edutech startups are helping students cope and thrive during the COVID-19 crisis

“Cakap has created a unique and relevant solution for the Indonesian market and there is no better time to scale with many Indonesians and students becoming more internet savvy day by day. The company offers a compelling impact proposition through providing access to affordable quality education,” said Charis Goh, Director at Heritas Capital.

“From 2016 to 2019, the market for online education has grown rapidly, but in hindsight, it was a modest growth compared to 2020’s growth. The current pandemic has been a tailwind for Cakap and the rest of the online education industry,” said Arya Setiadharma, CEO of Prasetia Dwidharma.

Indonesia has one of the largest education systems in the world with over three million teachers across 300,000 schools. Edutech funding in Indonesia has also been steadily gaining momentum, with funding tripling in 2019.

Notable edutech startups in the market included Ruangguru, Zenius Education, and HarukaEdu.

Image Credit: Cakap

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Fintech unicorn Pine Labs exceeds US$2B valuation after funding from Lone Pine Capital

B. Amrish Rau, CEO of Pine Lab

Fintech company Pine Labs has raised funding from American hedge fund Lone Pine Capital, bringing its valuation to over US$2 billion. While terms of the deal remain undisclosed, sources believe it to be close to US$75-100 million.

“We are excited to partner with Pine Labs as they innovate at scale in the payments and merchant commerce space, benefiting consumers, merchants and financial institutions,” said Mala Gaonkar, Portfolio Manager and Managing Director at Lone Pine.

The funding comes in just more than 11 months after the company raised funding from payments giant Mastercard that brought it to unicorn status.

Incorporated in Singapore, the India-based company serves large, mid-sized and small merchants across Asia and the Middle East as a payments platform.

Its technology platform enables offline and online last-mile retail transactions, provides customer insights to merchants for targeted sales and offers risk-managed financial solutions for merchants’ business growth.

Also Read: Fintech firm Pine Labs raises US$125M from Temasek, PayPal for Southeast Asia expansion

After noticing the rise in the Buy Now Pay Later (BNPL) services trend, Pine Labs decided to expand its integrated BNPL solution to five Southeast Asian (SEA) markets in early 2020 along with Mastercard.

“Small businesses and consumers are fast adopting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and SEA,” commented Pine Labs CEO B. Amrish Rau.

Pine Labs was started in 1998 as an offline retail payment provider, but today serves more than 150,000 merchants in 3,700 cities as a fully digital payment acceptance technology. Its Pay Later platform currently has 35 credit providers such as IDFC Capital First, Zest Money, ICICI Bank among others.

In July 2020, the company made a strategic investment in Fave, together, the companies now provide cashless payment solutions to over 50,000 merchants across Malaysia, Singapore and other Southeast Asian countries.

The company’s key investors include Sequoia India, Mastercard, Actis Capital, Temasek and PayPal.

Image Credit: Pine Labs

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Finantier secures funding from Y Combinator for its Open Finance platform

Finantier

Finantier CEO Diego Rojas (left) and CPO Keng Low

Indonesia-based fintech startup Finantier announced today it has received an undisclosed amount in funding from Y Combinator, the accelerator programme behind household names such as Airbnb, DoorDash, Stripe and Dropbox.

The firm will be joining the accelerator’s Winter 2021 (W21) batch, beginning next year.

With this financing, Finantier seeks to expand its technology team and continue to grow its product offerings.

Finantier had previously raised a pre-seed round from investors including East Ventures, AC Ventures, and US-based Two Culture Capital.

“Y Combinator is a unique opportunity for Finantier to accelerate growth with the help of world-class mentors, connect to some of the top early-stage investors and build strategic partnerships for our future expansion plans,” said Diego Rojas, CEO of Finantier.

By partnering with Y Combinator and Two Culture Capital, Finantier shared it is eyeing an expansion into other emerging markets beyond Southeast Asia.

Also Read: The future VC will be a hybrid between accelerator and incubator. Here’s why

Rojas, Keng Low, and Edwin Kusuma founded Finantier earlier this year to provide the infrastructure and data products required by businesses to build the next generation of financial services.

The startup aims to enable digital platforms to securely work in collaboration with financial institutions to create “seamless and personalised” experiences for consumers, who can benefit from their data.

Finantier currently offers an API and infrastructure that powers other fintech products, accelerating time to market and reducing costs for businesses while delivering solutions for consumers to ensure both can benefit from its Open Finance ecosystem. It remarked it is the first company in Indonesia to provide such features.

Since raising its pre-seed round, Finantier claims it has managed to onboard more than 20 clients as part of its beta programme.

“We leverage on the digital footprint of consumers and businesses to enable them to securely access tailored financial services that improve their financial wellbeing,” adds Low.

Willson Cuaca, Co-founder and Managing Partner of East Ventures notes that Finantier helps to address the needs of roughly 139 million adults in Indonesia who are underbanked or unbanked.

Also Read: Border-crossing and financial inclusion: The story of fintech in ASEAN

According to East Ventures Digital Competitiveness Index 2020, which maps digital economic development across Indonesia, financial inclusion is where the largest divide was found.

“Providing equal access to financial services will create multiplier effects to the Indonesian economy. Currently, hundreds of companies work with their own unique solutions to bring financial services to more people. We believe Finantier will help them to offer more products and services to this underserved section of the population,” said Cuaca.

By mid-2020, there are more than 450 licensed fintech companies in Indonesia with around 40 per cent of them being P2P lending firms.

“Fintech lenders are frequently unable to extend loans to consumers and businesses. This is due to incomplete information, or the inability of fintechs to obtain the full financial picture of a borrower to de-risk their operations and reduce costs,” said Edwin Kusuma, COO of Finantier.

Image Credit: Finantier

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Lahapp, the Indonesian startup that wants to make sure you do not miss your favourite food cart

One of the distinctive features of the Indonesian tech startup ecosystem is its close relation to the informal sector. A leading example would be gojek, who started out by working with motorbike taxi riders (ojek) and helping them embrace the digital era by enabling customers to hail them from a mobile app. Another good example would be Warung Pintar, who is helping mom-and-pop stores (warung) digitalise its operations.

These startups have raised a great amount of funding and made a difference in the ways Indonesians are using these services.

Today, at the end of 2020, another startup is getting ready to innovate with the informal sector: Lahapp.

Lahapp aims to innovate how customers are interacting with travelling food vendor, or known as pedagang keliling. Commonly found in both urban and suburban areas, food sellers travelled by foot, bicycle, or motorbike to offer their products directly to customers in their residences. They usually use a modified cart to carry and prepare their products.

A notable part of Indonesian street food culture, it provides a level of convenience that can only be rivalled by food delivery services. But there is one simple barrier to accessing these services: Sometimes, you might just miss it.

This is something that Lahapp founder Rachmat Efendi has experienced many times before.

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“… There is a segment in the culinary industry that remains untouched by digital innovation, and that is travelling food vendor. Often we wait for our favourite bubur, bakso, or nasi goreng seller, but we miss them –simply because we fail to hear them coming or we happen to be away from home. This is something that has happened to a lot of people, including myself,” he explains.

“This is why we are building an on-demand feature that enables customers to check and summon food vendors in his area.”

The Lahapp service is available as a mobile app and a WhatsApp chat. In addition to travelling food vendor, customers can also use the app to order frozen or packaged food from sellers in other cities.

The platform is currently undergoing the testing process and is set for a launch in Q1 2021. In its debut, Lahapp will be available for users in Greater Jakarta Area and Bandung.

The startup says that it has secured 3,800 culinary merchants onboard its platform.

Learning from experience

The Lahapp platform is currently run by a team of 10, including the founder.

Efendi himself is not a new face in the local startup ecosystem. He was known as the COO and co-founder of Anterin, a logistics tech startup that was acquired by MNC Group in January.

There are valuable lessons that Efendi has learned from his time with Anterin that he is implementing at Lahapp. One of them is related to scaling up.

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“The number of downloads is proportionate to the investment required to build infrastructure. This is why we need to choose an optimum platform, be it from the perspective of technology or investment. This is why Lahapp is available as a mobile app and WhatsApp chat,” he elaborates.

“WhatsApp was chosen … as it was already a default platform for communication. It also does not require a great investment in building infrastructure. It is just like a chatbot, but it does more than just doing conversation,” Efendi continues.

To acquire its users –from customers to merchants to couriers– Lahapp utilises omnichannel marketing strategies. It also plans to team up with cooperatives and local businesses to grow its presence in Indonesian cities.

Beyond food

In the future, Lahapp wants to expand its offerings to include other services including airline ticket booking and even vehicle registration number extension.

It also believes that working with travelling food vendor will open the door to many great opportunities.

“We have yet to find a platform or registry that keeps a record of the number of travelling food vendors in Indonesia. If we are able to seize this opportunity, this segment will be able to compete with others in the culinary industries,” Efendi says.

“At the moment, there are many food vendors that are not able to register their service on various food delivery platforms as they are unable to fulfil the administrative requirements. This is why Lahapp decides to tap into this opportunity,” he closes.

Lahapp is currently fundraising for its first funding round.

Image Credit: Lahapp

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