Singapore: Blockchain solutions firm LALA World raises $2m Series A

Lala World founder and CEO Sankalp Shangari (right) converses with an underbanked.

Singapore-based blockchain solutions startup LALA World claims to have raised $2 million in its Series A round of funding.

However, the firm offered no details about the investors that participated in the latest round. Surprisingly, its media statement also did not mention its upcoming ICO, for which it separately announced a pre-ICO from November 15 to December 5.

Founded in April 2016, LALA World claims to serve the underbanked and underserved, offering financial products, communities and technology to enable them to perform various financial services without intermediaries and at minimum transaction costs.

“Around 2.5 billion people don’t have basic access to proper financial services. The majority of the underbanked face severe challenges as they lack basic banking education. Sending pay-checks to their hometown would take weeks and to compound matters, they have to pay various charges, which can be pretty hefty,” LALA World founder and CEO Sankalp Shangari said.

The company claims that migrant workers are charged around 10 per cent in commissions and fees when sending money to their families through intermediaries. Using blockchain, LALA World says it reduces transaction costs to under 1 per cent.

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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.