Data Vantage | Atome Financial, YouTrip receive capital infusion, secondaries take off, and more
Edition #213, 4 Oct 2022
Dear Reader,
Singapore’s Advance Intelligence Group has injected more capital into its profitable fintech subsidiary Atome Financial, bringing the total capital infusion to $90 million so far this year.
The fintech company, which is valued at more than $2 billion, manages three businesses — Southeast Asia-focused buy now, pay later platform Atome, Indonesian peer-to-peer lending firm Kredit Pintar and China-focused microlending firm ND Finance.
Atome Financial clocked $30.2 million in net profit last year, up 2.7 times over the previous year, as its revenue jumped 123% year on year, its regulatory filing showed.
YouTrip, a multi-currency mobile wallet for overseas travellers, also received more capital last week from its holding company, You Technologies Group Holdings. The latter has invested $13.8 million so far this year into the subsidiary, our data shows.
YouTrip, which recorded a revenue drop in the financial year ended March 31, 2021, is expected to benefit from a recovery in global travel this year.
The latest update from UNWTO World Tourism Barometer shows that international tourist arrivals in the first seven months of this year grew by 172% relative to the same period last year, suggesting that the sector’s recovery has reached almost 60% of pre-pandemic levels.
Other Singapore-registered companies that received capital infusion from parents in the past week include private capital raising platform CapBridge, Standard Chartered’s CardsPal, digital asset management and custodian Cobo, fintech lending firm Funding Societies, wealthtech firm Syfe and more.
Secondary transactions take off
As startups struggle with a slowdown in fundraising momentum, an unfavourable macro environment, and a global trend of asset repricing, some investors are tapping opportunities in the secondary market.
Jungle Ventures, one of Southeast Asia’s leading VC firms, has acquired a stake in India-based Ayurvedic health platform NirogStreet, providing an exit to five entities, including early-backer Spiral Ventures and Amand Ventures.
Troubled crypto exchange Zipmex has sold its entire stake in digital asset custodian and wallet firm Atato, shows a regulatory filing. Zipmex, which filed for bankruptcy protection in Singapore in July, said last month it was in advanced talks to raise new funding to resolve its debt.
Bangalore-based Mobile Premier League has welcomed RTP Global, an early-stage venture capital firm with offices in Moscow and New York, to its cap table after a secondary transaction.
The founding partner of Inspire Ventures, Tony Williams, has transferred his shares in Indonesian logistics startup Deliveree to Asia Europe Group Holdings Ltd, a Hong Kong-based entity that he also founded.
Other updates from DATA VANTAGE
SEEDS Capital, the investment arm of Enterprise Singapore, has invested in AiDA Technologies, the provider of artificial intelligence-based solutions for insurance companies. The investment, which was secured last week, was joined by Kuok Ventures.
Nutrition Technologies, a Singapore-based company that produces proteins for feedstock from black soldier fly larvae, received $1.5 million last week from early backer SEEDS Capital and new shareholders Sumitomo Corporation and Mandala Capital. The funding is part of a $20 million round announced recently.
Inspire Brands Asia, a consortium of Anytime Fitness Asia’s top sub-master franchisees, Exacta Capital Partners and Aura Group, has received $7.3 million in fresh funding from existing investors, including Aura Group, ClearGate and Grand Titan Corp.
Earned wage access (EWA) platform Paywatch has welcomed South Korea’s Hana Financial Group as a shareholder. The latter invested $1 million, bringing Paywatch’s total funding to date to $17 million.
Singapore-based beauty product brand Skin Inc has raised more than $900,000 from a new investor as the company deepens its skin-ageing research and technology. The company has raised $7.8 million so far, our data shows.
Malaysian insurtech startup PolicyStreet received capital from Gobi Partners’s Superseed II Fund last week as part of a $6 million Series A round announced in September last year. Other investors in the round include Altara Ventures and Auspac.
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