By: Asia Business Outlook Team | Saturday, 28 October 2023
The month of October is seeing its last week, and it has been an eventful one; this month was a turbulent one with all the economic fluctuations the global economy faced with regard to oil prices and inflation. China and Vietnam underwent significant policy changes to their stock market to ease investors and the market economy.
Asian Startups, on the other hand, witnessed a much more positive outlook. This week was an active one for the startups of Singapore; ranging from Fintech to Automobiles, all sectors took a significant leap forward. Qosmosys is a notable startup that is making strides in space exploration, and ION Mobility joined hands with India’s largest two-wheeler manufacturer and entered the Indonesian market.
YouTrip (Fintech), Based in Singapore
YouTrip, a provider of multi-currency mobile wallets, revealed on October 26 that it has raised an additional US$50 million in funding. For its Series B round, the money was raised from the international venture capital firm Lightspeed. Stripe, a tech company, and Snap, the owner of Snapchat, are also investments of Lightspeed.
Prior to that, YouTrip raised US$25.5 million in 2019 and US$30 million in 2021. The Singapore-based app has turned a profit on an operational basis almost five years after it was released, chief executive officer Caecilia Chu told CNA in an interview.
Currently, YouTrip processes US$10 billion in payments each year, including payments made by users for international travel, purchases made on foreign e-commerce sites, and purchases made by small and medium-sized businesses using YouBiz. The consumer side of the business accounts for the majority of the payments that are processed.
The funds will be utilized to purchase additional technology in order to enhance YouTrip's offerings. Google Pay users will soon be able to link their YouTrip cards, and Ms. Chu stated that QR code payments are "part of (the) roadmap in the near term."
Triple-A (Fintech), Based in Singapore
Triple-A, a digital currency payment company based in Singapore, announced on Oct 25 that it has raised $10 million in its Series A funding round. According to a statement from Triple-A, the round is being led by returning investors Peak XV Partners (formerly known as Sequoia India & South East Asia), with the strategic support of Shorooq Partners, one of the top technology investors in the Middle East and North Africa (MENA).
The startup raised $4 million in seed money a little more than a year ago, which helped to build the platform.
It is noteworthy that a number of current investors who saw Triple-A's potential early on took part in the current Series A round, demonstrating their continued faith in the business and team. Founded in 2017 by serial fintech Founder Eric Barbier, Triple-A has pioneered digital, stablecoin and blockchain-led payments, enabling global businesses to pay and get paid faster, 24/7, and without any currency volatility risk, all while upholding the highest regulatory compliance standards.
The firm is licensed by the Monetary Authority of Singapore (MAS) as a payment institution. The company also holds a payment institution license from the Central Bank of France, allowing it to execute payment transactions across all European Union (EU) member states.
Qosmosys (Space Agency), Based in Singapore
The lunar tech startup Qosmosys, based in Singapore, has announced a $100 million seed funding round. In a recent statement, it said that the seed capital infusion enables the company to accelerate its strategic objectives, solidifying its standing as a leading private participant in the developing moon economy.
The development of ZeusX, the company's lunar transportation vehicle, and auxiliary technologies meant to support various lunar applications will receive the majority of the funding. Additionally, it stated that this funding is a strong indication of the strong faith that a notable group of private investors has in the goals, objectives, and creative potential of Qosmosys.
Qosmosys said that the company continues to draw investment thanks to a distinctive and protective funding model—an approach that is first in the industry. The framework accepts a small group of investors and protects the interests of all stakeholders in advance of a projected initial public offering (IPO) no later than 2028.
ION Mobility (Tech), Based in Singapore
TVS Motor Company announced on Oct 25 that it is expanding its collaboration with Singapore-based tech startup ION Mobility for its entry into the Indonesian sports scooter market. Project Dynamo, ION Mobility's conceptual adaptation of TVS Motor's premium flagship crossover electric two-wheeler TVS X, will be used to enter.
Project Dynamo, which began in February 2023 after TVS Motor led ION Mobility's USD 18.7-million Series A funding as a strategic investor, will deepen the two partners' collaboration.
"After successfully introducing its M1-S electric motorcycle, ION Mobility will enter the sports scooter market segment by unveiling Project Dynamo at the Indonesia Motorcycle Show," said TVS Motor in a press release.
The five-day Indonesia Motorcycle Show (IMOS) commences on Oct 25 in Jakarta. Through this project, ION aims to capture the needs of Indonesian riders who prioritize performance and speed while improving upon the advantages of efficient and environment-friendly electric vehicles, it said.