Data Vantage | Honest Bank, Blue Planet bag capital; Tonik and others file financials

Edition #285, 27 June 2023

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Singapore-based fintech firm Honest Bank bagged [redacted] million last week from Japanese consumer credit firm Orico, formally known as Orient Corporation. The latest capital infusion is part of the Southeast Asian company’s extended Series A round, show its regulatory filings.

Honest Bank had earlier received [redacted] million as part of the same round from investors, including XYZ Venture Capital and Digital Horizon, last year.

The company was founded in 2019 by Will Ongkowidjaja, founding partner at VC firm Alpha JWC Ventures, and Peter Panas, an ex-Goldman Sachs executive. It acquired a majority stake in Indonesian financing firm PT Sahabat Finansial Keluarga (SFK) in 2021.

Singapore-headquartered waste management company Blue Planet Environmental Solutions received [redacted] million in fresh funding last week.

The latest capital injection follows an investment from private equity firm Kaizenvest and another investor in February and brings its ongoing round total to [redacted] million.

Founded in 2017, the firm works with other companies and government bodies to reduce their environmental footprint. It claims to have processed 2.69 million metric tons of waste till now.

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Other updates from DATA VANTAGE

Tonik Financial, the parent company of the first neo-bank in the Philippines, reported revenue growth of 5.7x in the financial year ended December 31, 2022. Its losses, meanwhile, surged to $33.45 million.

India-based telehealth startup Practo reported a 1.8x surge in its revenue in the twelve-month period ended March 31, 2022. However, the firm’s losses nearly tripled during the period.

Singapore-based shopping and rewards platform ShopBack more than tripled its revenue in the financial year ended March 31, 2022. Its losses dipped marginally during the fiscal.

Singapore-based data science and AI startup Aboitiz Data Innovation’s revenue surged 6.2x in the financial year ended December 31, 2022. The company also turned a profit during the period.

Advanced Micro Foundry, which provides silicon photonics foundry services, reported a 68% revenue growth for the year ended December 31, 2022. It also managed to reduce its losses by over 80%.

Social commerce startup RAENA more than doubled its net loss for the financial year ended September 30, 2022. Its revenue jumped 2.5x during the period.

Indian social commerce startup GlowRoad’s revenue plunged nearly 68% in the twelve-month period ended March 31, 2022. The company’s losses also widened by 63% during the period.

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