Data Vantage | Coins.ph, Finquest in the red; Atlan secures funding

Edition #298, 10 August 2023

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Philippines-based crypto wallet Coins.ph suffered a blow to its financial performance last year as digital asset prices plummeted on the back of global liquidity tightening and a string of collapses affecting major players such as TerraLabs and FTX.

A financial statement filed by the company’s Singapore entity showed a [redacted] million loss in 2022 versus an $11.1 million profit in the previous year. The negative bottom line can be partly attributed to a 33% year-on-year drop in total revenue to [redacted] million.

Coins.ph was sold by its previous owner, Indonesian ride-hailing platform Gojek, to a consortium led by former Binance executive Wei Zhou and Joffre Capital in April last year for $200 million.

Atlan, an active metadata platform, received [redacted] million from Salesforce Ventures and Insight Partners this week. The capital injection is part of a new Series B1 round, per regulatory filings.

The company acts as a collaborative workspace for data teams and features integrations across the modern data stack, including Slack, Snowflake, dbt Labs, Redshift, Looker and Tableau. It had raised a $50 million Series B funding round in March 2022 at a $450 million valuation.

The SaaS startup recently reported a nearly 5x increase in revenue for the 12-month period ended March 31, 2022. Its losses surged 3.4x during the period.

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Fintech loses momentum

Our latest review of startup funding in Southeast Asia reveals that fintech deals have been on a decline every quarter since hitting a peak in Q1 of 2021.

Fintech remained the most active vertical in the second quarter of this year. However, with 43 equity deals and a total of $508 million in proceeds, its performance lagged behind that seen in the previous quarter.

In the first six months of this year, the region witnessed 87 fintech deals, down 28.7% year-on-year. Meanwhile, deal value experienced a more pronounced drop, plummeting by 65.4% to $1.14 billion.

While the global liquidity crunch is undeniably influencing dealmaking, its adverse effects are particularly pronounced for startups in the realm of decentralised finance (DeFi), a portmanteau for blockchain-based fintech services.

The diminished interest in DeFi startups has notably impacted the overall figures for wealthtech. Despite observing a marked uptick in deal volume and value in the second quarter, the category’s performance still fell significantly short of the numbers recorded a year earlier.

Other updates from DATA VANTAGE

Finquest, a data analytics platform for M&A and private investments, managed to grow its revenue by 78% last year as investors became increasingly more dependent on technology for deal sourcing. The high revenue growth, however, pushed the company’s bottom line further into negative territory as net losses doubled to [redacted] million.

Indonesian smart farming company Beleaf issued shares worth $6.4 million to Alpha JWC Ventures, Openspace Ventures and other investors this week. Recipients include those that had earlier signed a simple agreement for future equity (SAFE) with the startup, per its regulatory filings. Beleaf recently announced a $6.85 million Series A round.

Pi-xcels, a Singapore-based fintech company that helps consumers digitise paper receipts, issued shares worth [redacted] million to a group of investors, including Wavemaker Partners, Black Kite Capital and Hustle Fund.

On the back of strong demand for B2B fintech solutions, Indonesia-based startup Durianpay reported a fivefold jump in revenue last year.

Riding on Asia’s growing appetite for sneaker culture, Novelship, a Singapore-headquartered online marketplace for limited edition sneakers and collectibles, managed to grow its revenue by nearly four times in 2022. Its losses, however, more than doubled last year.

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