Rising startups on Tech in Asia: a Japanese fintech firm has been growing rapidly

Which are the startups that are on the path to becoming the next big thing? In this regular post, we give you an overview of the companies that have raised money in the past week, as well as those that we think investors should look at.

1. Paidy (Japan)

Japanese fintech firm Paidy has raised a total of US$143 million in series C funding and debt financing from new and existing investors. Paidy plans to increase its customer base to reach 11 million accounts by the end of 2020 by acquiring large-scale merchants and offering additional financial services. Founded in 2014, Paidy claims to have started Japan’s first instant post-pay credit service for ecommerce consumers. The mobile- and instant checkout-focused company enables consumers to buy online without a credit card or pre-registration using proprietary models and machine learning to underwrite transactions. More info.

2. Pops Worldwide (Vietnam)

Southeast Asian digital entertainment firm Pops Worldwide has raised US$30 million in an investment round led by independent private equity firm Eastbridge Partners and Mirae Asset-Naver Asia Growth Fund, a joint initiative between Mirae Asset Financial Group and Naver Corporation. With the funding, the two leading investors will have a significant minority stake in the Vietnam-headquartered company. Pops plans to use the new funds to scale Pops App across the region and venture out to new markets, according to founder and CEO Esther Nguyen. The company also looks to produce more original series and shows and feature more “premium stories from global studios” for its new app. More info.

3. M-DAQ (Singapore)

Singapore-based fintech startup M-DAQ announced that Samsung Venture Investment Corporation has joined to invest an undisclosed amount in its pre-series D round. Founded in 2010, M-DAQ provides a platform to facilitate cross-border business for a variety of industries using proprietary data technology and support from global foreign exchange providers. With the investment, both Samsung and M-DAQ will be working together on the roll-out of the Singaporean company’s cross-border solutions in the East Asian country. In addition, M-DAQ plans to reinforce its cross-border foreign exchange solutions for Asian countries. More info.

4. TheAsianparent (Singapore)

Southeast Asian parenting content platform TheAsianparent announced that it has closed a seven-figure series C2 funding round from new investors Mirae Asset Financial Group and Naver Corporation through the Mirae Asset-Naver New Growth Fund. The company said it will use the new funds to fuel its diversification strategy, which includes creating its own direct-to-consumer line of baby and maternity products. TheAsianparent also said it will allocate more resources into improving its tech infrastructure by investing in advanced machine learning and AI support and expanding its tech team. More info.

5. Cover Genius (Australia)

Australian insurtech firm Cover Genius has secured US$10 million in a series B round to bolster its team and continue driving growth across the US, the UK, and Asia. The funds will be used to build a bi-coastal US presence, European and Asian operations, and expand in half a dozen new countries in line with the needs of their global partners and customers. The company, founded in 2014, works with insurers around the world to offer a wide variety of insurance policies, including those for travel, retail, auto, fintech, gig platforms, business services, and property. Its XCover insurance distribution platform that is used by large online companies such as Booking Holdings, includes end-to-end insurance capability – from licensing to underwriting and claims. More info.

6. Adda247 (India)

Online Learning platform Adda247 has secured US$6 million in Series B funding led by Infoedge (India) Ltd. and Asha Impact. STL, an existing investor of Adda247 also participated in the latest round. With this fundraiser, Adda247 has raised a total of $10 million to date. The edtech player plans to leverage this funding for expanding to new exam categories, adding new languages on the platform and amplifying its Pan-India presence. Over nearly ten years of operations, the company has emerged as one of the largest test preparation platforms in the country while making quality education accessible to student masses and providing them training through India’s renowned faculties. More info.

7. Agritask (Israel)

Israeli agritech startup Agritask has raised US$8.5 million in a series A round led by the InsuResilience Investment Fund, set up on behalf of the German government by KfW and managed by Switzerland-based BlueOrchard Finance. Agritask, which was founded in 2010, provides an agronomic management platform aimed at improving the productivity of farmers. The platform can integrate with over 40 hardware and software data sources, including John Deere, Airbus, IBM, and SAP. It supports the entire agricultural production process, from soil fertility management and growth monitoring to harvest logistics. Agritask plans to use the new funds to grow its farmer client base in the Americas and continue expanding its regional project and insurance sectors globally. More info.

8. Evos Esports (Indonesia)

Esports organization Evos Esports announced that it has raised a total of US$4.4 million in its series A round. The company closed its initial raise of US$3 million earlier this year, led by Insignia Ventures Partners. The additional US$1.4 million came from angel investors, Indonesian conglomerates, and the top management of “a leading ecommerce player in China.” Evos plans to use the new funds to grow its esports entertainment arm, which currently manages gaming influencers in both Indonesia and Thailand. Established in 2017, Evos aims to create the widest esports ecosystem in Southeast Asia and help grow gamers’ competitive, livestreaming, or coaching careers in esports. More info.

9. Lawpath (Australia)

Lawpath, a legal startup based out of Australia, has closed an A$4.4 million (US$3 million) oversubscribed funding round led by Adcock Private Equity. Pollenizer Investments, LegalZoom, Fort Street Advisors, Machdoch Ventures, and Nick Abrahams, head of innovation for global law firm Norton Rose Fulbright, also participated in the round. Since 2014, Lawpath has been providing online legal solutions aimed at saving time and costs compared to traditional systems for businesses and individuals. The company plans to use the new funds to further develop its products, increase its marketing efforts, drive growth for its business in Australia, and enter Asia. More info.

10. YouTrip (Singapore)

Singapore-based multicurrency travel e-wallet YouTrip has officially launched in Thailand through a partnership with local bank Kasikornbank. In Singapore, the company claims it has already amassed more than 400,000 downloads and over 10 million transactions to date, following its US$25.5 million pre-series A raise earlier this year. As part of the partnership, Kasikornbank’s 11.6 million online customers can now register for YouTrip through the K Plus app. Users in Thailand will also enjoy zero transaction fees across over 150 currencies when traveling internationally through the network of payments giant Mastercard. More info.

11. Motif (Hong Kong)

Motif, an online knowledge and education hub focused on the fashion and textile industry, has received US$2 million from Hong Kong-based textile-tech startup enabler The Mills Fabrica. Launched in 2018 by parent company Alvanon, Motif provides users with lessons on industry topics and training on fundamental, technical, business, and creative skills. With the deal, Motif will be able to access The Mills Fabrica’s network of industry stakeholders. Motif’s wider vision is to build a collaborative platform that allows brands, retailers, and manufacturers to contribute their knowledge towards educational content for the fashion industry. More info.

12. Sky Mavis (Vietnam)

Vietnamese startup Sky Mavis, parent of blockchain-based game Axie Infinity, has secured US$1.5 million in a funding round led by game developer and publisher Animoca Brands. Sky Mavis plans to use the new funds to expand the Axie Infinity team and speed up the development of new features for the game. It will also use part of the investment to build practical blockchain-based applications for more users. The company claims that Axie Infinity has become one of the highest-grossing blockchain games released, citing data from decentralized app ranking services DappRadar and Dapp. More info.

13. Koinworks (Indonesia)

Indonesian peer-to-peer lending platform KoinWorks has received around US$1.4 million in additional funding from Saison Capital, the venture arm of Japanese financial services firm Credit Saison, as part of its series B round. The new funds bring KoinWorks’ total series B and B2 raise to about US$13.6 million. It raised US$12.2 million in June in a round led by fintech-focused venture capital firm Quona Capital and Singapore’s EV Growth. Founded in 2016, the company connects investors with borrowers through its platform, providing small and medium-sized enterprises (SMEs) with an alternative to traditional financial institutions. KoinWorks plans to use the fresh funds to develop new financial products to support digital SMEs, especially those in social commerce. More info.

14. Aliena (Singapore)

Singapore-based Aliena, which specializes in developing and manufacturing plasma-thruster systems for the small satellite market, has raised S$1.5 million (US$1.1 million) in an investment round led by Cap Vista, the strategic venture investment arm of Singapore’s Defence Science and Technology Agency. Since being founded in 2018, the company has aimed to tackle the lack of propulsion systems in the market. With the new funds, Aliena looks to expand its team and commission an integrated space simulation environment and electric jet propulsion test facility in Singapore. The company also plans to use part of the investment to aid the in-orbit tech demonstration of its products in space and expand its product offering. More info.

15. LinkAja (Indonesia)

16. Pintek (Indonesia)

17. CashChanger (Singapore)

18. Pand.ai (Singapore)

19. Plato (Indonesia)

20. ENpower (India)

21. Vserv (India)

22. Effro (Singapore)

23. Neurosensum (Indonesia)