Data Vantage | Freo, ProCredit, Smile API, Doyobi and Vietcetera in focus

Edition #351, 29 February 2024

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Dear Reader,

India-based neobank Freo, which operates credit platform MoneyTap, issued shares worth [redacted] million to investors, including Tokyo-based fintech firm Money Forward, Dubai-based multi-family office Abbey Road, and early-stage venture capital (VC) firm RTP Global, this week.

The shares were issued as part of multiple convertible note agreements signed by the fintech company from 2021 to 2023, according to its regulatory filings.

Freo had last announced raising about $70 million in equity and debt funding as part of a Series B round led by Aquiline Capital Partners, RTP Global and Peak XV Partners in 2020.

The company claims to cater to over 20 million users in India.

Philippines-based SME lender ProCredit announced raising $4.1 million in a pre-seed funding round led by VC firm Integra Partners this week.

The company’s regulatory filings show that the lead investor contributed [redacted] million to the round. The financing was also backed by VC firms M Venture Partners and Cento Ventures, and Glamourbox founder Lia Andrea Ramos.

The startup aims to become one of the largest SME lenders in the Philippines and plans to expand into the banking sector.

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Other updates from DATA VANTAGE

Singapore-based wealthtech company Endowus is buying back shares worth $8.4 million from some of its top executives and former employees, regulatory filings showed. The company had previously conducted a share buyback worth $6.6 million in August 2023.

Smile API, which provides employment and income data for credit decisions, received [redacted] this week from US-based venture firm Afore Capital.

Fintech company ErudiFi, which operates as Danacita in Indonesia, acquired Singapore-based edtech startup Doyobi this week, per regulatory filings. It bought shares in Doyobi from shareholders, including Monk’s Hill Ventures and 500 Southeast Asia.

Vietnam-based digital media startup Vietcetera saw multiple secondary transactions this week. Buyers include existing backer [redacted] and former McKinsey partner Marco Breu.

Vietnamese edtech platform Clevai posted a revenue growth of over [redacted] times in the financial year ended December 31, 2021. The company’s losses more than doubled during the period.

Indonesia-based educational loan provider Cicil’s revenue nearly halved in the financial year ended December 31, 2022, while its losses went up marginally.

Singapore-based life science company JN Medsys saw its revenue plunge by 53% in the financial year ended December 31, 2022. Its losses surged nearly 9x during the year.

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