Asia Digest: Temasek invests $25m in TrueLayer; Wirebarley raises $10m

FILE PHOTO - A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. REUTERS/Edgar Su

Temasek has participated in an additional $25 million Series C funding in London-based fintech startup TrueLayer while Wirebarley, a South Korea-based fintech startup specialising in global remittance services, raised $10m in Series B.

Temasek invests $25m in TrueLayer

Singapore state investor Temasek has invested an additional $25 million in the Series C funding round of London-based fintech startup TrueLayer, according to an announcement. Other investors in the funding round included Anthemis, Connect Ventures, and Northzone.

This round follows TrueLayer’s $35 million Series C round in June last year, in which Temasek participated, and takes the total amount the company has raised so far to $72 million.

“This funding will enable us to continue building financial connectivity that’s open to everyone, powering the development of new financial services in new geographies, and giving people more control over their financial lives,” TrueLayer’s founder Francesco Simoneschi said in the announcement.

Founded in 2016, TrueLayer is a technology company providing secure, global access to financial infrastructure. Developers use application programming interface (API) to build products that securely access data and initiate payments in real-time.

It is connected to major banks across the world, is backed by leading venture capital, and trusted by some of the biggest names in fintech including Monzo, Revolut, and Zopa.

In February, Temasek had invested an undisclosed amount in FNZ, the first fintech company in Scotland to achieve a unicorn status.

South Korea’s Wirebarley raises $10m Series B

Wirebarley, a South Korea-based fintech startup specialising in global remittance services, raised $10m in Series B funding from Magna Investment, Shinsegae I&C and Dt & Investment, according to an announcement.

WireBarley provides contactless financial services via its mobile app and web platform. The company operates in the US, CanadaAustraliaSouth Korea, and New Zealand with 21 recipient countries and has established a global network with 80 remittance corridors with affordable fees, fast transfer speeds, and friendly customer service.

The company will use the fresh funds to strengthen its global remittance service capabilities for individual customers and to expand into the B2B field.

Furthermore, WireBarley will invest in developing and launching new products over the next few months such as multi-currency wallet services and additional banking services for North America.

The company has clocked over 400,000 app downloads and accumulated well over $400 million in revenue till date.

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.