A Recap On What Happened This Week: Asian Startup News Overview (5th February- 10th February)

This weekend, Asian startups sparkled as we saw some major fundings and investments come in, as well as we saw some startups expanding into new markets. Trust IQ, a Singapore-based tech firm that owns the credit scoring platform Trusting Social, received an investment this week from the Vietnamese consumer conglomerate Masan Group where as Eton Solutions, the developer of the cloud-based AtlasFive enterprise resource platform for the future family office, also announced the launch of its Administrative Family Office solution as well as the establishment of its international headquarters in Singapore.

A list of top 5 startups that excelled this week.

Tazapay 

Tazapay, a leading fintech company specialising in cross-border payments, announced today that it has secured USD 16.9 million in Series A funding. The round was led by Sequoia Capital Southeast Asia, with new investors including EscapeVelocity (escp.vc), PayPal Alumni Fund, and renowned angel investor Gokul Rajaram. This round was also attended by existing investors Foundamental, January Capital, RTP Global, and Saison Capital.

Tazapay intends to use the funds to further scale its business across Asia and expand in other regions where its services are in high demand, such as the Middle East and Europe. This includes the application of payment licences in major markets, which will expand Tazapay's global payment network. To better serve the growing list of verticals that includes cross-border e-commerce, education technology (EdTech), Software-as-a-Service (SaaS), and travel, the company will also beef up its core capabilities and add more local payment methods.

Eton Solutions

Eton Solutions, developer of the cloud-based AtlasFive enterprise resource platform (ERP) for the family office of the future, today announced the launch of its Administrative Family Office solution and the establishment of its international headquarters in Singapore. While the Americas region will retain its primary focus, Eton Solutions' international headquarters in Singapore will enable the organization to streamline its access and support to international markets without relying on North American resources. 

Eton Solutions Administrative Family Office (AFO) is a wealth management technology platform that harnesses the power of the company's cutting-edge AtlasFive software and award-winning service offerings into a single solution thereby democratizing access to the technology used by some of the largest family offices in the world.   

Trust IQ

Masan Group, a Vietnamese consumer conglomerate, will invest up to US$105 million for a 25% stake in Trust IQ, the Singapore-based tech firm that owns credit scoring platform Trusting Social.

The investment would be carried out via The Sherpa Company, a subsidiary of Masan.

With this deal, Masan aims to accelerate its application of AI in retail and consumption, the company said in a statement. Both sides will work on building a credit access platform for consumers based on loyalty programs without requiring proof of income, among other projects.

Masan aims to create a consumer, retail, and technology ecosystem that can capture 80% of Vietnamese consumers’ wallets by 2025. It owns WinCommerce, which operates local supermarket chain WinMart.

Founded by Nguyen Nguyen in 2013, Trusting Social aims to provide credit scoring and improve access to financial services for consumers in emerging Asian markets. The company has raised US$109 million since its inception, according to Crunchbase.

SG kidtech 

Several years ago, co-founders G-Jay Yong and Brian Tan noticed a gap in functional, safe, and fun tech toys for their young children.

In 2018, the duo launched their first product – a children’s camera. Since then, the company has expanded to offer watch phones, headphones, drones, and even a social media network for kids.

Their mission is to help kids aged between three and 12 to “stay connected socially without the usual ills of social media.”

To that end, Singapore-based myFirst has raised US$2.2 million in an oversubscribed seed round joined by tech founders and executives from PatSnap, Google, Rainforest, TNB Aura, and Zopim, among others.

SwipeRex

Online pharmacy platform SwipeRx has received $10 million in additional Series B funding from marquee investors, including Sanofi’s Global Health Unit and Cercano Management. The round was also joined by its existing investors, SIG, Johnson & Johnson, and Patamar Capital.

The firm, which has a network of over 250,00 pharmacy professionals and 50,000 pharmacies, initially raised $27 million in Series B funding in May last year. 

SwipeRx, which is headquartered in Singapore, will use its latest funds to invest in specialised healthcare logistics and financing, expand its platform and pharmacy network in key markets, and build up its advanced data teams. The company is also operating in Indonesia, the Philippines, Vietnam, Malaysia, Thailand and Cambodia.