Rising startups on Tech In Asia: fintech firms are growing fast

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 we think investors should look at.

1. Pomelo (Thailand)

Omnichannel fashion firm Pomelo has secured US$52 million in its series C round to bankroll its expansion across Asia. Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman, Toivo Annus, Lombard Private Equity, Ambient Sound Investments OU, and The Luxembourg Company Deverel participated in the round, which pushed Pomelo’s total funding to US$83 million. More info.

2. SuperAtom (Indonesia)

Fintech startup SuperAtom has raised US$24 million in a funding round led by Gobi Partners through the Meranti ASEAN Growth Fund. New York-listed Cheetah Mobile also participated. SuperAtom’s mission is to make financial services more accessible to the masses by taking low-cost funds from mature markets and combining them with proven technology and business models from China. More info.

3. UangTeman (Indonesia)

Online lending startup UangTeman has announced that it’s closed the first round of series B financing from new and existing investors. It’s raising a total of US$10 million in equity financing, spread evenly in two rounds, as well as a separate debt financing of an undisclosed amount. The first round was led by Draper Associates. New investors KDDI Open Innovation Fund and Global Brain Corporation also participated. More info.

4. HReasily (Singapore)

HReasily is a cloud software that automates human resources processes — from payroll, staff management, and leaves to contract templates and attendance monitoring. The company recently raised US$5 million in a pre-series A round from Envy Capital, a Singapore-based venture capital firm. This latest fundraise values HReasily at over US$100 million. More info.

5. Pluang (Indonesia)

Fintech startup Pluang has raised US$3 million in a series A round led by Go-Ventures, the investment arm of Indonesian tech giant Gojek. Pluang plans to use its fresh funds to launch other financial services, such as US dollar savings and fixed return products, as well as improve existing offerings and expand distribution. More info.

6. Arival (Singapore)

Arival Bank is a fintech bank for small and medium-sized enterprises and crypto businesses. They raised a US$2.3 million in a pre-series A equity crowdfunding campaign spearheaded by New York-based Seedinvest and UK-based Crowdcube. Arival Bank looks to use the fresh capital to support its licensing and product development initiatives as well as its efforts to go live. More info.

7. Jala Tech (Indonesia)

Jala Tech is an internet-of-things water management software firm that recently secured seed funding in a round led by 500 Startups. US-based Conservation International Ventures and hatch, an early-stage investor focused on aquaculture startups, also participated in the round. The company plans on using the new investment to become an early adopter in Indonesia and fund the development process of its products. More info.

8. Base (Indonesia)

Beauty and wellness startup Base has secured an undisclosed amount of seed funding in a round led by East Ventures and Skystar Capital. With the investment, Base plans to accelerate the growth of its consumer base and bring in more talent. The company was established in 2019 by former Gojek marketing head Yaumi Fauziah Sugiharta and ex-DBS Singapore product manager Ratih Permata Sari. More info.

9. Flip (Indonesia)

Fintech startup Flip has secured an undisclosed amount from Insignia Ventures Partners. This marks the company’s first institutional investment, having raised previous rounds from angel investors. Founded in 2015 by three friends from the computer science program at the University of Indonesia, Flip lets users transfer funds between different banks in Indonesia without paying the customary processing fee. More info.

10. HeyU (Vietnam)

HeyU announced that it has launched its operations in Ho Chi Minh City and will roll out its concierge services similar to what Gojek has done in Indonesia. In 2018, the company raised US$500,000 from NextTech Groupm which also backed ride-hailing firm FastGo and a slew of other tech startups, and is currently in the process of raising its series A funding from domestic and regional venture capitalists with the hopes of closing this round as a US$3 million funding deal. More info.

11. Bluenest (China)

Bluenest is a Rocket Internet startup that is entering Singapore’s real estate sector. Currently in pre-seed stage, Bluenest is modeled after technology-powered US residential property company Redfin and Tencent-backed brokerage Lianjia, which is also China’s eight-largest startup by valuation. Bluenest CEO and co-founder Jeff Lim aims to achieve US$3 million in revenue in the next 12 months. More info.

The following startups are part of a list of growing logistics startups in Vietnam. More info.

12. EcoTruck (Vietnam)

EcoTruck simplifies the process of securing hauliers through a marketplace model. It acts as a middleman connecting enterprise customers with a variety of hauliers, allowing businesses to take advantage of lulls in demand. At the same time, trucks are able to optimize their loads, using more of the available space in their vehicles to make the most of each journey.

13. Logivan (Vietnam)

Logivan is another startup that offers “truck-hailing” via an on-demand marketplace. It focuses on connecting larger loads in need of transportation with a network of truckers and haulage providers.

14. Abivin (Vietnam)

15. An Vui (Vietnam)

16. Be (Vietnam)