Weekly roundup: SG-based fintech firm Fairbanc secures funding and other SE Asia deals

Singapore-based financial technology (fintech) firm Fairbanc Pte, a subsidiary of Silicon Valley-based Fairbanc, announced that it has raised pre-Series A funding from ADB Ventures, Accion Venture Lab, East Ventures, Sampoerna Strategic Group, and others.

Fairbanc did not disclose the amount it raised in the funding round. DealStreetAsia, however, reported earlier that the fintech company raised $2 million, with $500,000 to be funnelled into its subsidiary PT Fairbanc Technologies Indonesia.

The company, founded in 2019 by CEO Mir Haque, said the latest funding will help scale up credit access for Indonesia’s small retailers, many of whom struggle to access working capital.

The fintech company collaborates with FMCG companies such as Unilever to offer digital credits. MSMEs can use these credits to buy products from partnering consumer brands. Its service does not require collateral, credit history, smartphone ownership, or digital literacy.

With nearly 60,000 merchants in its network, Fairbanc will deploy the new investment to expand its distributor partners and strengthen its sales and technology teams.

SOUTHEAST ASIA DEAL MONITOR

DealStreetAsia has also put together a table listing out prominent venture capital transactions in Southeast Asia in the week beginning June 28.

Expand Table

StartupsHeadquarterInvestment SizeInvestment StageLead Investor(s)Other Investor(s)Industry / Verticals
ProficientMalaysia$241,000SeedFalnas CapitalConstruction Management
Voyager InnovationsPhilippines$167,000,000PLDT, KKR, TencentIFC Financial Institutions Growth FundFinancial Technology
InfinaVietnam$2,000,000SeedSaison Capital, Venturra Discovery, 1982 Ventures, 500 Startups, NextransFinancial Technology
KLARIndonesiaSeedAC VenturesKenangan FundDental Technology
FairbancSingapore$2,000,000Pre-Series AADB Ventures, Accion Venture Lab, East Ventures, Sampoerna Strategic GroupFinancial Technology
TypedreamIndonesiaSeedY Combinator, Timothy Lee, Ben Tossell, Aadil Mamujee, Blaine CookSoftware
DedocoSingapore$2,450,000SeedVertex Ventures Southeast AsiaDocument Management
EndowusSingapore$4,500,000UBS, Samsung Ventures, Singtel Innov8Financial Technology

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.