Data Vantage: Wealthtech firms eye expansion; Zimplistic, ShopBack and others secure funds

Flush with capital, Southeast Asia’s wealthtech platforms are investing heavily in expanding their operations to tap a once-in-a-lifetime opportunity that has emerged during the COVID-19 pandemic.

Singapore-based Svava Pte Ltd, which raised $30 million in its Series B round last month, invested an additional $5 million in its subsidiary Syfe Pte Ltd last week. The investment brought the total capital injection into the wealth management app so far this year to $11 million, corporate filings reviewed by DealStreetAsia – DATA VANTAGE show.

Previously, Singapore-based wealthtech firm StashAway had secured $25 million in a Series D round from a group of investors led by Sequoia Capital India. The marquee venture capital firm now owns an 11.5% stake in the startup, our data shows.

Existing investors such as Eight Roads Ventures and Square Peg also participated in the round. With a total of $61.5 million in paid-up capital, StashAway was last valued at $183.3 million.

Top shareholders of StashAway

Source: DealStreetAsia – DATA VANTAGE

Among other deals this year, Singaporean wealth management app Endowus bagged $17 million and $4.5 million in two Series A rounds in March and July, while Bambu raised $5 million in its Series B+ funding round in March.

Though not necessarily belonging to the wealthtech vertical, cryptocurrency platforms have also seen rising funding momentum as more individual and institutional investors accept cryptos as a medium to store value. Last month, Singapore-headquartered Vauld announced a $25 million Series A funding round led by Peter Thiel’s Valar Ventures.

All eyes on Indonesia

While Singapore has traditionally been the financial hub of Southeast Asia, it is Indonesia that has shown the fastest growth in wealthtech investment.

Our latest review of the state of wealthtech in the country found that homegrown startups have raised $666 million in equity and debt financing since Jan 2016, of which more than half was secured in the first half of this year.

The momentum has seen stock trading app Stockbit and diversified peer-to-peer lending firms Investree and Modalku graduate to the Series C stage this year. Stockbit and rival Ajaib secured the largest funding this year at $95 million and $90 million, respectively.

Map of online mutual fund retailers in Indonesia

The rise of investments in wealthtech has its roots in two major trends that emerged in the wake of the COVID-19 pandemic—faster adoption of digital lifestyles and the reallocation of discretionary spending and personal savings towards securitised assets.

In just five years, the total number of investors registered with Indonesia’s Central Securities Depository (KSEI) grew nine times to 3.9 million in 2020. By the end of May, it had grown to 5.4 million, of which 4.7 million are mutual fund investors, while 2.4 million invest in stocks directly.

Other updates from DATA VANTAGE

REA Group, a digital advertising company controlled by Rupert Murdoch’s News Corp, now owns a stake worth $147 million in Southeast Asian online realty company PropertyGuru after a transaction completed last week, according to DATA VANTAGE. PropertyGuru is expected to list either in the fourth quarter of this year or the first quarter of 2022.

Singapore-based cashback and rewards platform ShopBack is currently raising capital for its Series E round and has so far raised $6.9 million from a group of investors. For details of its latest and total fundraising as well as its financial performance, visit DATA VANTAGE.

Zimplistic, the company behind flatbread maker Rotimatic, has received $2 million in funding across two tranches in June and August from Light Ray Holdings, which had bought out all investors of the loss-making startup last year.

Indonesian fintech startup AwanTunai has raised about $11.2 million in a new funding round backed by existing investor Insignia Ventures Partners.

Singapore-based SpeQtral issued new shares to six investors, including K9 Industries, SGInnovate, Space Capital and XORA Innovation, last week. Founded as a spin-off of the Centre for Quantum Technologies at the National University of Singapore, SpeQtral designs and manufactures satellite-based quantum communication systems.

Taipei and San Francisco-based Asian delicacies manufacturer Hsin Tun Yang has invested $1 million in Singapore food tech company Sophie’s Bionutrients. The company, which develops 100% plant-based & sustainable alternatives proteins, has raised a little over $2 million since its funding round started in August last year.

Vizzio Technologies, a company that develops AI-powered 3D modelling and augmented reality technologies, issued new shares to accommodate new shareholders last week that included New York-based Wisdom Tree Capital. The company has raised $3.7 million so far this year and was last valued at $53 million.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.