Singapore-based startups Qualee Technology and Real Stake and Myanmar microfinance firm Proximity Finance are in the news for raising fresh funding.
Myanmar’s farmer-focused Proximity Finance secures $14m
Promixity Finance, a farmer-focused financial institution in Myanmar, announced that it has raised $14 million in equity funding to further expand its client base and support more farmers in the country.
The funding round was backed by impact-focused investment firm Finnfund, Nordic Microfinance Initiative, and development finance company Proparco.
The funding will also support an increase in loan sizes and the diversification of products offered by Proximity Finance. The firm is the microfinance arm of Proximity Designs, which provides farm technology, agronomy advice, and finance services to small farms across Myanmar.
HR tech provider Qualee Technology raises $1m
In a statement, Qualee said the fresh funds will be used to extend features available on the platform and expand its team across technology, consulting, marketing, and support.
The startup uses cloud and mobile app technology to automate procedures and procedures in employee onboarding and engagement. The funding comes as the coronavirus pandemic continues to challenge workplaces and reduces opportunities for firms to observe workforce behaviours due to work-from-home arrangements.
“Many organisations have been forced to furlough staff recently and using Qualee allows employers to remain connected with displaced staff and quickly reinitiate as conditions improve,” said Bob Boughner, Managing Partner at Tandem Technology Partners.
Online investment platform RealStake secures seed funding
The startup, which offers a digital investment platform to Southeast Asian users, with an initial focus on Vietnam, launched in 2019 by enabling retail real estate investment through fractional homeownership.
Financial literacy and digital financial engagement are accelerating rapidly in Vietnam and the region, according to 500 Startups Vietnam General Partner Eddie Thai.
“The booming middle classes will seek increasingly diverse and sophisticated ways to protect and accumulate wealth. The team of operators and investors behind RealStake have a real shot at unlocking this massive potential.”