SG-based payment firm SpherePay announces $10m fundraise for SEA expansion

Singapore River skyline.

Singapore-based mobile payment solutions firm SpherePay on Tuesday announced that it has raised over $10 million from undisclosed investors in an effort to boost its expansion across Southeast Asia.

SpherePay claims to cater to over five million users across Southeast Asia and work with over 10,000 merchants in the region. As of December 2017, it said it had about 60,000 users in Singapore.

The company also announced that it will integrate bike-sharing platform oBike’s services and features into its own app. This will allow SpherePay and oBike users to access both services on either of the two apps.

The company, which had in December announced plans to expand to Indonesia and Thailand, is now eyeing a rapid expansion across Southeast Asia to Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam and Cambodia by the second quarter of 2018.

“Since our inception last year, we have been making good progress to ensure that SpherePay will be one of the most highly utilised mobile payment apps in the region. Our completion of the recent fundraising, coupled with the strategic partnership with oBike, are testament to the commitment and rapid development of SpherePay,” said Joseph Chen, CEO of SpherePay.

SpherePay’s new functions include the use of location-based services which will notify the users about any merchant deals happening near them. Other new features include payments that can be made to book events, pay for courses, classes, bills and other sorts of ticket payments.

Other leading digital payment solutions in Southeast Asia are GrabPay, owned by Southeast Asia’s ride-hailing giant Grab; Go-Pay by Indonesia’s Go-Jek; e-payment app NetsPay that was launched in October; and DASH, a mobile app that can be used for payments for transportation, money transfers and top-ups.

Also Read:

Singapore: Grab’s new digital wallet service is latest salvo in payments battle

Singapore: Grab-oBike partnership sees GrabPay integration, addition of bike-sharing services

Singapore, Thailand mull e-payment alliance in digital push

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.