Singapore SaaS platform Credify raises seed funding from Japanese IT firm

Credify, a Singapore-based software development company, has closed a round of seed investment from the venture capital arm of Japanese IT company TIS.

The company raised US$740,000 in the financing round, according to a statement from VentureCap Insights. Its share price surged nearly 60% from the previous round.

Existing investors Beenext and Deepcore also participated in the fundraise.

The Credify team / Photo credit: Credify

The fresh funds will be used to develop Credify’s suite of products and further localize its operations in Southeast Asia. The company will also partner with TIS in further avenues across the region and is looking to expand into Japan.

Credify offers its clients digital identity and trust solutions that help financial services firms and ecommerce players lower client acquisition costs, reduce fraud, and increase trust in their services through user-controlled data sharing.

“Large enterprises across Asia are just now facing the challenges of their digital transformation journeys,” said Credify CEO Makoto Tominaga.

See also: Is integrating mobile and web apps the future for SaaS firms?

Earlier in February, the startup raised US$1 million in a seed round.

The software-as-a-service segment in Asia is expected to US$20.4 billion in 2020 and is expected to reach US$58.4 billion by 2025, according to data by Statista.

Update (December 4, 12:10 pm): This article was updated to include the funding amount and the share price movement.