Daily Markup #70: Singapore’s TradeGecko gets acquired by US-based Intuit; Grab launches…

Done deal

  • California-based Intuit has acquired 500-backed TradeGecko, a Singapore-based SaaS company that develops online inventory and order management solutions for small businesses.
Credit: Jumpstart Mag
  • As a result, TradeGecko’s inventory and order management technologies will be absorbed into QuickBooks, Intuit’s accounting software connecting over 7 million small businesses worldwide.
  • TradeGecko, which is located in Singapore and works with clients in over 100 nations, was started in 2012 by CEO Cameron Priest and CTO Bradley Priest.
Credit: TradeGecko
  • The company’s co-founders will become part of Intuit and will help with key aspects in “product and team integration,” according to the announcement.
  • “Integrating TradeGecko’s robust inventory and order management system with QuickBooks’ suite of financial, payment, reporting and accounting tools will help product sellers run and grow their business, all in one powerful platform,” Cameron says.

Fintech expansion

  • 500-backed ride-hailing giant Grab is embedding itself deep into the fintech industry with the announcement of new consumer-centered financial services.
  • Under its Grab Financial Group umbrella, the products include a micro-investment solution, third-party loan platform, and ‘buy-now-pay-later’ solutions for e-commerce websites.
Credit: Grab
  • “Consumer loans would be offered by our partner banks via a platform provided by us on the Grab app,” said Reuben Lai, senior managing director at Grab’s financial business, as quoted by the New York Times.
  • The micro-investment platform, called AutoInvest, allows users in Singapore to invest as they spend through transactions on Grab. Users can choose how much they want to invest per Grab transaction, from as low as SG$1, earning returns of an estimated 1.8% per annum, which can then be cashed out directly to their GrabPay accounts.
  • The products will expand to Malaysia at a later date.
  • To know more, head over to Grab’s official website.

Offering a helping hand

  • F&B businesses are in the process of recovering from the lockdown measures created by the Covid-19 pandemic. The road to recovery has been difficult for many business owners, and the partnership between UOB Malaysia and 500-backed StoreHub may just offer the assistance they need to tide through this period.
  • UOB Malaysia will subsidize its customers’ monthly subscription to StoreHub’s operating system for up to six months so that they can tap this consumer demand.
  • The subsequent subscription fee will be 20% lower than the package’s prevailing subscription rates, according to reports.
Credit: The Star
  • Entrepreneurs can also leverage on Beep Delivery, Storehub’s very own food delivery service. Unlike most third-party providers, F&B businesses just need to add to their own website or social media accounts a customized link from Beep Delivery that their customers can click on to order food online.
  • For more information on the partnership, visit here to find out more.

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

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