Data Vantage | Tyme, METUB, Fit Hub, Vigo Retail and Dynasty Gaming in focus
Edition #389, 11 July 2024
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Dear Reader,
Singapore-based Tyme Group, a digital banking group with operations in multiple markets, received fresh money last week, pushing its total paid-up capital to nearly [redacted] million.
The company’s shares in the latest transactions were priced at $0.79, [redacted]% from its previous share allotment, according to DealStreetAsia — DATA VANTAGE.
The top three shareholders in the company are Apis Partners, Tencent Holdings and African Fig Tree, a ring-fenced vehicle established by Tyme Group founders and others.
TymeBank, the flagship digital bank of Tyme Group, operates in South Africa and the Philippines and is expanding into other markets in Southeast Asia. It has over 7 million customers in South Africa and a rapidly growing user base.
The bank leverages a hybrid model combining digital banking with physical service points, making banking more accessible across different economic segments.
Emerging sectors gain M&A momentum
Our latest review of tech M&A activities in Southeast Asia finds that a robust demand for digitising business processes has significantly driven the growth of cloud computing, software development, and ICT infrastructure in Southeast Asia.
These services, categorised under the Software and IT sector, continued to record growth in M&A transactions at a time when other major sectors, such as fintech and e-commerce, experienced declines in 2023. The number of deals in the sector rose to 14 from 12 in 2022, making Software and IT the second most active sector after fintech last year.
Marketing tech became the third most active sector with 12 deals in 2023, tripling from 2022. Key targets included CRM solutions, digital marketing agencies, consulting firms, and points and rewards providers.
HR tech also saw significant growth, with acquisition deals rising from three in 2022 to eight in 2023, positioning it as the fourth most popular sector. This trend highlights the increasing interest in technologies that enhance business efficiency and support digital transformation, particularly in a post-pandemic world.
Top 10 tech M&A Sectors in SE Asia: deal volume in 2023 vs 2022
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Other updates from DATA VANTAGE
North Haven Thai Private Equity, a fund managed by Morgan Stanley Private Equity Asia, has invested in Vietnam-based METUB, becoming the creator economy startup’s [redacted] shareholder in the process.
Indonesian fitness platform Fit Hub has issued shares worth [redacted] million to a group of investors, including Wavemaker Partners, Gentree Fund and East Ventures. We had in June reported that the company was finalising a new funding round.
Vietnam-based B2B e-commerce platform Vigo Retail received [redacted] million from Pavilion Capital and [redacted] this week. The funding is part of an ongoing round.
Dynasty Gaming & Media, known for its mass-market gaming and media platform, issued shares worth $2.6 million to New Zealand-based Esports International and Xsports International this week.
Singapore-based Sunbird Bio, a biotech firm that develops protein-based diagnostic tests, received $3 million from its parent company last week.
Singtel Innov8-backed HOPE Technik, which provides mechanical electronics and engineering services, posted a [redacted] million net profit for the 12-month period ended October 31, 2023, as its revenue jumped 89% year over year.
The Singapore subsidiary of UK digital bank Revolut reported $9.1 million in revenue in 2023, marking a 116% increase over the previous year.
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