A new wave of entrepreneurs
- “Entrepreneurs are no longer just building replacements for existing financial institutions,” said Vishal Harnal, Managing Partner of 500 Southeast Asia on the evolution of fintech entrepreneurship.
- “Instead, some are focused on building pure technology that empowers both financial and nonfinancial institutions with significantly superior banking, underwriting, lending, and investing capabilities. By focusing on the tech and product, these new startups can remain agile as they are not fettered by regulatory burdens,” he concluded.
- In a report on emerging tech trends in Southeast Asia, several 500-backed startups were featured:
- Grab – due to complete a SPAC merger next year valued at US$39.6 billion
- Grab Financial Group – grew US$300 million in 2021
- Bukalapak – recently went public on the Indonesia Stock Exchange, raising US$1.5 billion
- TradeGecko – sold to a US-based firm at a deal reportedly worth over US$80 million
- Kredivo – parent company FinAccel has a SPAC listing valued at US$2.5 billion
- Stockbit – secured two rounds of funding this year totaling US$95 million
- Homage – raised over US$40 million for its healthtech services since launching in 2016
- Download the full report by Global Private Capital Association here.
A wider network
- 500-backed, Filipino fintech startup Ayannah has partnered with another local fintech startup, NextPay, to allow NextPay customers to disburse funds to unbanked recipients.
- According to a statement, the partnership will enable small businesses to send money to their employees, suppliers, and customers through about 10,000 partner remittance centers nationwide.
- The CEO and co-founder of NextPay said that only three out of ten Filipinos have bank accounts. The goal of the collaboration is to serve the sizeable unbanked population in the country by increasing access to basic financial services.
- “By partnering with NextPay, we are also simplifying the process of disbursements for growing businesses and even individuals,” Ayannah founder Mikko Perez said.
- Read the full article here.
New heights in innovation
- The partnership between 500-backed rocket startup Gilmour Space Technologies and the Australian Defence Force (ADF) has produced an advanced high-temperature material. It will soon be tested at Gilmour’s rocket test facility in Queensland.
- The material has been developed to withstand temperatures of 3,200°C. It can also be used in other high-temperature applications such as jet engines, heat shields, and furnaces.
- Researcher Paul Smith said, “It’s critical for both rocket performance and avoiding catastrophic failure that the rocket motor casing is capable of withstanding the stresses caused by extreme temperatures and pressures.”
- The material also has a greater strength-to-weight ratio, which can help to reduce weight. Paul added, “If we can replace some or all of the metallic components of the rocket motor casing with composite parts, we could significantly increase the range, speed or deliverable payload mass of the rocket.”
- Read the full story here.