PH fintech startup SquidPay secures $2m in Series A and other SE Asia deals

SquidPay Technology Inc, a Philippine-based financial technology (fintech) startup, announced that it has raised about $2 million in Series A funding and another $2 million line of credit this month.

In a statement, the firm said the fresh funding gives it a post-money valuation of 1.1 billion pesos ($22 million). SquidPay said it will use the new capital to widen its reach across key areas around the country by next year.

Launched in May 2020, SquidPay provides contactless payment for commuters, merchants, transport groups, and local government units through end-to-end electronic payments and collections with stored value cards, QR codes, and mobile applications.

The firm has partnered with national agencies, local governments, banks, public utility vehicle operators, and other transport systems to offer its fintech services. SquidPay said it has been working closely with model city Baguio and estimates 35 per cent of the city’s population as registered users.

SquidPay CEO Marvin Dela Cruz said the funding comes as many startups in the Philippines continue to struggle with the effects of the global coronavirus.

“This news surprised us too. We did not expect any funding to come until the late first quarter of next year. This gives us confidence that there are people who strongly believe in what SquidPay can achieve,” Dela Cruz said.

The Bangko Sentral ng Pilipinas, the country’s central bank, expects digital payments to grow rapidly in the coming years as the government aims to migrate from cash to a digital-based economy.

In Southeast Asia, digital payments hit $620 billion this year, from $600 billion last year, as the region registered 40 million first-time online users during the coronavirus pandemic, according to the latest report launched by Google, Singapore’s state investment firm Temasek, and Bain & Co.

A large number of new digital consumers are from non-metropolitan areas, specifically in Malaysia, Indonesia, and the Philippines.

SOUTHEAST ASIA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in Southeast Asia in the week beginning December 14, 2020.

Expand Table

StartupHeadquarterInvestment Size (US)Investment StageLead Investor(s)Other Investor(s)Industry     
TurtleTree LabsSingapore$6.2 millionPre-Series AGreen Monday Ventures, Eat Beyond Global, KBW Ventures, Verso CapitalBiotechnology
LocadSingapore--Antler, Febe VenturesEcommerce
BanhjiCambodia--Smart Axiata Digital Innovation Fund (SADIF)Financial
DRVRThailand--Smart Axiata Digital Innovation Fund (SADIF)Transportation
Waves (Hyper Local)Vietnam$524,000-Insignia Ventures Partners, Skystar Capital, Hustle Fund
Media
OncoshotSingapore$800,000-Seeds Capital, Lion City CapitalHealthcare
ipaymySingapore$800,000-Seeds Capital, Lion City Capital-Financial
LendelaSingapore$2.9 million--Promise Future International 2be.lu, Investigate VCFinancial
Funding SocietiesSingapore--Samsung Venture InvestmentFinancial
KalphaSingapore-SeedNest Tech VNEducation Technology
SpeedocSingapore$5 millionSeries AVertex Ventures SEA & IndiaDecacorn Capital, Global Grand LeisureHealth Tech
EpsiloSingapore, Vietnam$2 millionSequoia Capital IndiaBusiness Services (marketing)
Kumnit AppCambodia$1 millionPre-SeedMr In MeanEducation
CoveSingapore$4.6 millionSeries AKeppel LandIdinvestReal Estate
HomebaseVietnam-Pre-Series AVinaCapital Ventures, Class 5 Global, Pegasus Technology Ventures, 1982 Ventures, Antler, Troy Steckenrider III, Darius Cheng.Real Estate
BrodoIndonesia-Series ASembrano Nusantara FundGDP VentureConsumer Services
SquidPayPhilippines$2 millionSeries A--Financial
AppboxoSingapore$1.1 millionSeed FundingFF APAC Scout, 500 Durians, Plug and Play Ventures, Antler-Software

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.