9 FinTech fundraises in APAc in May 2024

By Gloria Mathias

The rise of new FinTech start-ups and the new-to-bank population have paved the way for an upsurge in FinTech evolution. The European region provides huge opportunities for FinTechs due to the scale of the market and technological advancements.

Fintechs are becoming mainstream, and more investments are being made than ever before. Tracking investments provides a better perspective on the industry’s competitive and strategic trends.

Below are the nine FinTech funding rounds reported in APAC in May 2024:

U GRO Capital, a DataTech NBFC focused on MSME lending, has announced that its Board of Directors have approved an equity capital raise of $159 million (INR 1,332.66 crore) through Compulsory Convertible Debentures (CCD) and Warrants. The equity fundraiser is subject to shareholder approval. U GRO raised this capital through a combination of Compulsory Convertible Debtentures with Warrants, effectively locking in the capital required for both the current year’s growth and next year’s growth.

AbleCredit, an AI credit underwriting company, has raised $1.25 million (INR 10 crore) in its seed funding round from Merak Ventures, a sector-agnostic early-stage venture capital (VC) firm. The investment from Merak Ventures will enable the startup to scale its AI operations and expand its business.

CoverSure, a consumer-focused InsurTech, has raised $4 million in a pre-series A funding round led by Enam Holdings. The company plans to use the funds to build a consumer-centric insurance engagement platform using data intelligence and machine learning capabilities. This investment will support CoverSure’s growth and expansion across India, strengthening its position in the InsurTech segment.

CirclePe, a FinTech platform changing the rental experience for India’s urban tenants, has raised its pre-seed round of close to $1 million, led by OTP Ventures. CirclePe is on a mission to modernize credit for India’s vast rental market through an embedded FinTech play. With a unique approach, CirclePe is reinventing how renting works by introducing the power of credit to the Indian landscape.

WeMoney, an Australian financial wellness platform, has completed a $3 million fundraising round to capitalise on current growth opportunities to fuel Open Banking. To compound WeMoney’s leadership position in Open Banking, WeMoney has recently signed a commercial arrangement to leverage Mastercard’s Open Banking solution in Australia.

Data Zoo, a provider of global identity verification solutions, has raised approximately $22.7 million (AUD 35m) in Series A funding from Ellerston JAADE, an Ellerston Capital fund. The raise will help Data Zoo drive the adoption of its identity verification software.

Osome, a finance admin platform for founders and small and medium businesses (SMBs), has announced that it has concluded its Series B funding round with over $17 million in capital, a mix of equity and debt from new and existing investors. With new funding and a clearer path to sustainable growth and profitability in 2024, Osome will double down on its founding mission of providing solutions that address the core financial challenges faced by modern businesses.

Linnovate, an asset servicing and FinTech for alternative investment has announced the successful closure of a $40 million funding commitment by SeaTown Private Capital Master Fund. This capital infusion marks a pivotal moment in Linnovate’s journey, enabling the firm to scale operations, drive innovation, and further solidify its position as a market leader.

BillEase, a consumer finance and ‘buy now, pay later’ app in the Philippines, has raised an investment of $5 million from Saison Investment Management Private Limited (SIMPL), the offshore lending arm of Saison International.

Also read: NextGen WealthTech: The Trends To Shape The Future Q4 2023