An undisclosed investment fund from Singapore has committed $500,000 in capital to ten startups of Topica Founder Institute while FE CREDIT, a consumer finance company, has signed a $50-million loan agreement with Lion Asia I (RB) Limited.
Topica Founder Institute startups receive $500,000 from SG fund
An investment fund from Singapore, whose identity was not revealed, has committed over $500,000 in capital to ten startups of Topica Founder Institute (TFI), according to a TFI announcement.
The Singapore investor was quoted as saying that Vietnam’s startup ecosystem is on the rise, adding that technology-based startups in the country will thrive in the coming years. “This is a great investment opportunity for us in Vietnam,” the investor stated.
TFI’s latest founder showcase brought together nearly 40 local and foreign venture capital and angel investors. Nine out of its 13 startups, including Unica, Logivan, Hachi, iSofh, Ferosh, Innaway, Makiplace, Fresh Deli and BookingCare, introduced their offerings as part of the showcase.
The final result was not disclosed but TFI revealed that two startups received a total investment capital of $1.5 million from investment firms in its investor network.
The Topica Founder Institute, which is a member of the Global Founder Institute Network, is a startup accelerator programme of the Topica Edtech Group.
According to the startup community, 26 per cent of startups who raised capital successfully (from seed round to Series A) in Vietnam in 2016 graduated from TFI.
FE CREDIT secures $50-million loan
The VPBank Finance Company Limited (FE CREDIT) has secured a $50-million loan from Lion Asia I (RB) Limited to expand its business, the financial services company said in a statement.
Established in 2010, FE CREDIT is a consumer finance company in Vietnam that focuses on cash loans, two-wheeler loans and consumer durable loans.
It claims to have a market share of nearly 50 per cent in the consumer finance industry in Vietnam, serving more than 6 million customers and working with 5,500 partners across 9,000 points of sale (POS) nationwide.
The consumer lender had earlier secured a $100-million senior secured loan facility from Deutsche Bank to continue to grow its business.