Singapore fintech startup Durianpay raises $1.4m in Sequoia-led seed round

Singapore-based fintech startup Durianpay has raised US$1.4 million in a seed funding round earlier this month led by Sequoia Capital India. Other investors that participated in the round include Kenangan Investment, United Family Capital, among others.

Photo credit: Jonas Leupe

The round gives the payments and checkout solutions provider a post-money valuation of over US$6.7 million, according to Accounting and Corporate Regulatory Authority filings gathered by VentureCap Insights.

The data showed that Sequoia’s SCI Seed Investment vehicle led the fundraise, pouring over US$1.3 million alone for 2,731 shares.

Established just this year, Durianpay aims to build modern and localized payment solutions in Southeast Asia that allow businesses to better manage their finances. Its current team, which includes founders Kumar Puspesh and Antara Sara Mathai, have built fintech products and led teams for companies such as Citruspay, OnlinePajak, and Moonfrog.

Sequoia Capital said that they “don’t have any comments” about the matter. Puspesh didn’t respond to Tech in Asia’s queries about the deal.

According to its profile on startup-centric networking site AngelList, Durianpay is looking to build its founding team across Jakarta, Bangalore, and Singapore to start.

A Statista report estimated that the total transaction value in Southeast Asia’s digital payment segment will reach US$95.1 billion in 2020 and is expected to balloon to US$156.4 billion in just four years.

“We at Durianpay see an opportunity to build localized solutions in the region for businesses to manage their payment processes better and faster,” the company’s profile read. “With no clear winners identified yet, we believe the time is right to enter and build mobile-optimized payment solutions for these markets.”

For now, however, the startup appears to still be in stealth mode.