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.
|Startup||Headquarter||Investment Size (US)||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry|
|TurtleTree Labs||Singapore||$6.2 million||Pre-Series A||Green Monday Ventures, Eat Beyond Global, KBW Ventures, Verso Capital||Biotechnology|
|Locad||Singapore||-||-||Antler, Febe Ventures||Ecommerce|
|Banhji||Cambodia||-||-||Smart Axiata Digital Innovation Fund (SADIF)||Financial|
|DRVR||Thailand||-||-||Smart Axiata Digital Innovation Fund (SADIF)||Transportation|
|Waves (Hyper Local)||Vietnam||$524,000||-||Insignia Ventures Partners, Skystar Capital, Hustle Fund||Media|
|Oncoshot||Singapore||$800,000||-||Seeds Capital, Lion City Capital||Healthcare|
|ipaymy||Singapore||$800,000||-||Seeds Capital, Lion City Capital||-||Financial|
|Lendela||Singapore||$2.9 million||-||-||Promise Future International 2be.lu, Investigate VC||Financial|
|Funding Societies||Singapore||-||-||Samsung Venture Investment||Financial|
|Kalpha||Singapore||-||Seed||Nest Tech VN||Education Technology|
|Speedoc||Singapore||$5 million||Series A||Vertex Ventures SEA & India||Decacorn Capital, Global Grand Leisure||Health Tech|
|Epsilo||Singapore, Vietnam||$2 million||Sequoia Capital India||Business Services (marketing)|
|Kumnit App||Cambodia||$1 million||Pre-Seed||Mr In Mean||Education|
|Cove||Singapore||$4.6 million||Series A||Keppel Land||Idinvest||Real Estate|
|Homebase||Vietnam||-||Pre-Series A||VinaCapital Ventures, Class 5 Global, Pegasus Technology Ventures, 1982 Ventures, Antler, Troy Steckenrider III, Darius Cheng.||Real Estate|
|Brodo||Indonesia||-||Series A||Sembrano Nusantara Fund||GDP Venture||Consumer Services|
|SquidPay||Philippines||$2 million||Series A||-||-||Financial|
|Appboxo||Singapore||$1.1 million||Seed Funding||FF APAC Scout, 500 Durians, Plug and Play Ventures, Antler||-||Software|