Fintech Funding: Singapore based Fintechs Secured Nearly Half A Billion Dollars in Q1 2020
May 23, 2021 @ 8:47 pm By Omar Faridi
Fintech businesses in Singapore have secured a total of SGD 656 million (appr. $492.8 million) in equity funding during Q1 2021. This figure represents a 355% increase from last year, according to a recent report from the
Boston Consulting Group (BCG).
The rise in Fintech investments was mainly due to Grab Financial Group’s massive SGD 417M (or $313.2M) Series A round in January 2021. The company said it would use the funds raised to further enhance its digital financial services.
Other major Fintech funding rounds from this year include Indonesia-based agent-focused Fintech firm Payfazz’s $30 million investment in Xfers, a Singaporean payment processing platform, and Fintech Endowus’ SGD 23 million ($17.3 million) Series A round.
DPS
Deposit Pension Scheme or DPS bank account is an easy automated savings option for anyone earning money. Here, you can deposit a fixed chunk of your salary every month, starting at 500 BDT and going up to 20,000 BDT or more. The total amount of money you save at the end of your term is known as the maximum maturity value. You get to decide your maximum maturity value and the number of years of your saving period (usually 3 years). You can even choose a DPS option which allows you to save a million taka by the end of your term.
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Accelerating Asia unveiled the fourth and largest cohort of its flagship 100-day programme for pre-Series A startups.
The fourth cohort consists of eleven new high-growth startups from Singapore, Indonesia, Pakistan and Bangladesh across ten verticals.
These eleven startups have raised over S$6 million coming into the programme, bringing the total capital raised by Accelerating Asia’s startups to over S$30 million, with 70% of investment raised since joining the Accelerating Asia portfolio.
Within a month since the fourth cohort began, the startups had already increased monthly revenue by 25%, up from an average of S$45,000 when they joined Accelerating Asia to S$56,000.
Accelerating Asia Reveals New Cohort of 11 Asian Startups
April 12, 2021 @ 10:57 pm By JD Alois
Accelerating Asia has announced the fourth cohort of its flagship 100-day program for pre-Series A startups. According to a release, the 11 startups have raised over S$6 million coming into the program.
The 11 new portfolio companies cover ten verticals and include companies from Singapore, Indonesia, Pakistan, and Bangladesh. New industry verticals include property, online dating and marketing/advertising.
Amra Naidoo, co-Founder and General Partner of Accelerating Asia, stated:
“We’ve selected cohort four from 500 startups from 30 countries, a record number of applications for us that shows the demand for a Singapore based accelerator with an international footprint. With just 2 percent of startups selected, the chosen 11 will be part of our largest cohort and are eligible to receive up to S$200,000 in investment from our VC fund.”