Data Vantage | Finture, TWG Tea bag capital; utu acquires CardsPal
Edition #284, 22 June 2023
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Fintech startup Finture, the company behind buy now, pay later (BNPL) aggregator Yup Indonesia, has secured $15 million in a pre-Series B round, according to regulatory filings.
The round was led by Beijing-based venture capital firm XVC and joined by MindWorks Ventures, SWC Global and an investment vehicle of the Indonesian conglomerate [redacted].
Finture’s share price in the latest round is up marginally from its previous fundraising last year. The startup has raised [redacted] million in external funding to date, our data shows.
SC Ventures, the fintech investment and venture arm of global lender Standard Chartered, has offloaded its entire stake in Singapore credit card deals marketplace CardsPal to local travel tech firm utu.
According to DealStreetAsia — DATA VANTAGE, CardsPal was last valued at [redacted] million.
In addition, utu has entered into a convertible notes purchase agreement wherein [redacted], as the lead investor, and others will extend funding to the travel tech company.
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Other updates from DATA VANTAGE
Singapore-based luxury tea brand TWG Tea received [redacted] million from its parent company this week. The company was founded in 2018 as a luxury concept encompassing retail outlets, tea rooms and an international distribution network. TWG Tea claims to offer the largest tea collection in the world.
Digital wealth management platform StashAway saw a 10% increase in revenue to [redacted] million in 2022, which helped the company reduce its net losses to [redacted] million.
Singapore’s electronics payment giant NETS reported a marginal drop in net profit to $22.7 million in 2022 as its total revenue expanded to $202.7 million. NETS was founded in 1985 by a consortium of local banks, including OCBC Bank, DBS Bank and United Overseas Bank.
Alternative protein producer Shiok Meats recorded [redacted] million in net loss in 2022, up 26.7% from the previous year. The company’s significant losses arose on the back of a notable increase in employee benefit expenses and a substantial growth in its research costs.
Singapore-based agri-commodity trading platform Agridence, formerly known as HeveaConnect, posted an over 92% increase in its net loss for the year ended December 31, 2022. Its revenue jumped by 23% during the period.
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