Singapore-based TASConnect, which offers a SaaS supply chain fintech platform, has acquired the Malaysian subsidiary of SOLV, a B2B online marketplace for micro, small and medium enterprises (MSMEs).
The terms of the deal remain undisclosed and are subject to regulatory approvals.
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TASConnect is also in the process of acquiring SOLV’s Vietnamese subsidiary.
The deals will enable TASConnect and the SOLVs to provide end-to-end supply chain financing solutions to multinational corporation anchor ecosystems, SMEs, and financing partners. In addition, the mergers will offer synergies in costs and operations.
Post-acquisition, SOLV Malaysia will be rebranded as TASConnect Malaysia.
Branding for SOLV Vietnam is under review.
Over 418,000 SMEs in Malaysia remain largely untouched by technology, while over 60 per cent of Vietnam’s 790,000 MSMEs have unmet financing needs.
TASConnect’s platform-as-a-service tool helps enterprises expand their scale and scope of supply chain financing without incurring high capital expenditure on IT or human resources. Once the acquisition is completed, TASConnect will leverage the SOLVs’ local sales teams to accelerate its go-to-market in Malaysia and Vietnam.
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Both TASConnect and SOLVs were incubated by SC Ventures, the innovation, investment and ventures arm of Standard Chartered.
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