Consumer spending recovers in Singapore: Revolut data
The story: Financial super app Revolut has revealed data showing the recovery of consumer spending in Singapore as it enters Phase Two of its post-circuit breaker measures.
More data: After facing a hit during COVID-19 lockdown, restaurant and in-store shopping transactions are returning to normalcy and have increased in growth up to 125 per cent and 168 per cent respectively.
Transport has also seen a spike of growth with Gojek increasing by 96 per cent and Grab by 41 per cent. Lazada and RedMart have also seen growth of 25 per cent followed by online marketplaces.
Analysis: Digital payments are expected to grow as more consumers turn to contactless transactions solutions in the current climate.
Walrus raises funding
The story: Bangalore-based neobank Walrus has announced an undisclosed amount of funding for its platform.
Investor: Better Capital (lead investor), Raveen Sastry (Co-founder, Myntra), Raghunandan G (CEO of TaxiForSure), Brijesh Thakkar
Plans with the capital: Hiring and enhancing current product
More about Walrus: A digital-only banking platform aimed for teenagers to help them manage their money smartly and incorporate good financial habits.
Through the app, parents will be able to set saving goals for their children, teach them how to invest small amounts of money in SIPs and mutual funds and teach them to budget their expenses. The app is currently still in its beta stage.
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Image Credit: Revolut
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