Data Vantage | Yourpay, RuralNet, VersaFleet in focus and other updates
Edition #441, 4th February 2025
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Dear Reader,
Indonesia-headquartered fintech startup Yourpay announced last week that it had secured additional funding from Japan-based venture capital firm W Fund to finance its regional expansion, bringing its total capital raised to date to $6.7 million.
The company, which facilitates cross-border remittances for Indonesian migrant workers, currently operates in Singapore, Hong Kong, and Taiwan. The fresh capital injection will fuel its expansion into Malaysia, Brunei, Japan, South Korea, and Saudi Arabia, enabling it to scale its presence in key migrant corridors and deepen market penetration.
While Yourpay has not disclosed the size of its latest funding round, regulatory filings indicate that as of August last year, the company had already issued shares worth [redacted]. W Fund is yet to be reflected on the company’s cap table.
Fenny Widjaja, son of the late Indonesian business magnate and Sinar Mas Group founder Eka Tjipta Widjaja, holds the largest stake in Yourpay, followed by the company’s founder, Christillia Angelica Widjaja.
Other W Fund portfolio companies in Indonesia include social commerce Dagangan, proptech platform Jendela360, and poultry farming startup BroilerX.
Betting on blockchain
Southeast Asian enterprise software and IT startups are increasingly adopting blockchain, with 66 deals in 2024, marking a 40.4% year-on-year growth, per DealStreetAsia DATA VANTAGE’s latest report.
A whopping 82.8% of these ventures have integrated blockchain as a core technology, reinforcing its role in driving cross-industry innovation. The trend reflects a broader shift towards decentralised solutions, enhancing efficiency, transparency, and security in enterprise operations.
Source: DealStreetAsia’s DATA VANTAGE
Funding in software and IT surged 61.3% in 2024, with blockchain-focused startups accounting for 81% of the total investment value. Adoption is accelerating in areas such as supply-chain optimisation, data security, and decentralised infrastructure, underscoring blockchain’s enterprise value.
Singapore continues to dominate software and IT investments, securing 89.4% of the deal volume and 81.3% of the total funding. The city-state’s advanced digital infrastructure, regulatory support, and vibrant tech ecosystem reinforce its status as a regional innovation leader.
Source: DealStreetAsia’s DATA VANTAGE
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Other updates from DATA VANTAGE
Singapore-registered digital comics and animation studio [redacted] saw its revenue double to $2.1 million in 2023, reflecting strong growth momentum. However, the company also reported a widening net loss.
RuralNet, a Philippines-based digital insurance platform backed by Kickstart Ventures, has filed its first-ever financial report for the 12-month period ended April 2024, revealing [redacted] in revenue and a profitable bottom line, underscoring its sustainable growth trajectory.
Singapore-based transport management startup [redacted] saw its 2023 revenue decline by 7% to [redacted]. However, the company significantly improved its financial position, cutting annual losses by more than a half.
The Singapore subsidiary of Japanese B2B professional card management platform Sansan Inc. reported [redacted] in revenue for the 12-month period ended May 2024, remaining largely flat year-on-year. However, the company slipped into losses during the period.
[Redacted], the Singapore-based company behind the SaaS platform [redacted], reported a profitable bottom line for the 12-month period ended March 2024.
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