Data Vantage | Ant Group pumps capital in SG digital banking unit and other updates
Edition #180, 6 June 2022
Fintech giant Ant Group announced the soft launch of its digital wholesale bank, ANEXT Bank, in Singapore on Monday. The unit will provide financial services to local and regional micro, small and medium enterprises (MSMEs), especially those engaged in cross-border operations.
According to regulatory filings in Singapore, ANEXT Bank received S$100 million ($73.13 million) last week ahead of the launch. The digital bank was incorporated in 2021 and has so far secured $166 million in funding from an Ant Singapore unit.
ANEXT recently appointed Jia Hang, Ant Group’s regional general manager for Southeast Asia, to its board. Its other directors include ANEXT chief executive Toh Su Mei, EDBI CEO and president Chu Swee Yeok, and Genting Singapore CEO Tan Hee Teck.
In other news, Singapore-based used car marketplace Carro allotted ordinary shares worth $25 million to Indonesia-listed consumer automotive company MPM Group at $52.54 apiece last week.
The share allotment is part of a two-way transaction, which involves Carro picking up a 50% stake in MPMRent, a car rental unit of MPM, for nearly $54 million.
The shares issued to MPM were priced at $52.54 apiece, similar to previous allotments to Singapore state investor Temasek and Malaysian state-backed fund manager Permodalan Nasional Berhad (PNB) in 2021.
Latest investments in Carro
Source: DATA VANTAGE
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Other updates from DATA VANTAGE
Singapore-based logistics firm Janio has raised $14 million in a Series A extension round led by Vertex Growth Fund, according to regulatory filings. The round was joined by Vertex Southeast Asia and India.
Indonesian media startup IDN Media has raised $23 million in Series D funding backed by existing investor East Ventures. Its Series D shares were priced at $15 apiece, up nearly three times from its last financing in 2019.
Myanmar-based internet service provider Frontiir raised $5 million in fresh funding from investment firm Alliance Asia Holdings. The company issued new ordinary shares at $6.59 apiece, the same price as its previous financing from CDC Group and Ascent Myanmar Growth Fund in 2019.
Singapore-based customer loyalty platform Perx bagged close to $2 million last week. Its share price is up nearly 1.6 times since a previous financing in 2021.
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