Welcome to Tech in Asia’s free Saturday VC newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by registering here.
Hello reader,
You know the song Money, Money, Money by Swedish pop group ABBA? That’s what played in my head when I first saw our list of top-funded startups.
The top two companies – Singapore-based buy now, pay later firm Atome and Emirati Islamic banking platform Mal – both operate in the fintech space. This is a pretty clear indicator that fintech remains one of the biggest sectors in the startup world.
It’s no surprise, though, considering that money makes the world go round – and figuring out how to make it move effectively is pretty important. Plus, the intersection of AI and finance is making this space even more interesting.
You can find all other important investment deals from the last few days in our weekly funding news wrap-up.
Let’s dive into the biggest deals and M&A that have recently taken place.
— Stefanie
The biggest deals by country
🇸🇬 Atome is a buy now, pay later company headquartered in Singapore. It has raised US$345 million in debt funding from Baiduri Bank Group, Cathay United Bank, DBS Bank, HSBC, Shanghai Pudong Development Bank, Sumitomo Mitsui Banking Corporation, and Taipei Fubon Bank.
🇦🇪 Mal is building an AI-native Islamic banking platform. Based in the United Arab Emirates, it has bagged US$230 million in a seed round from BlueFive Capital.
🇨🇳 Xreal is a China-based AR glasses developer. It has secured US$100 million in a series D round from undisclosed investors.
🇮🇳 Pee Safe is a hygiene and wellness brand that offers eco-friendly sanitary napkins, organic cotton tampons, and other personal care products. Based in India, it has scored US$32 million in series C money from OrbiMed.
🇮🇱 Converge Bio integrates generative AI with biological data to transform drug discovery and development. This Israel-based company has raised US$25 million in a series A round, with participation from Bessemer Venture Partners, Saras Capital, TLV Partners, and Vintage Investment Partners.
M&As
Startups that are raising funds
Behind the Glasswall
What brings a gold medalist, chef, and coach together?
Exclusive listicles
Thoughtful reads
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
