April 8, 2016
We looked at the FinTech startups in the Philippines, Vietnam, Malaysia, Thailand & Indonesia and came up with a list of the 15 most noteworthy FinTech startups in Southeast Asia:
LoanSolutions.ph (Philippines): Founded in 2014, LoanSolutions facilitates fast and easy access to credit for different financial needs by connecting borrowers to multiple lending partners (mainly financial institutions) in a single online loan application. By using algorithms in the form of loan advisors, it ensures that borrowers can secure a competitive loan. The company raised an undisclosed amount of seed funding from a group of international and local investors, led by the Singaporean VC KK Fund. The company has thus far serviced over 2,000 borrowers, with an average loan value of PHP 100,000 (US$2,220). The startup has booked over US$100,000 in revenue since its launch.
Lenddo (Philippines): Founded in 2011, Lenddo has developed a patented technology that collects, analyzes and processes billions of social data points to provide loans to customers. In January 2015, the firm opened its technologies for third parties such as banks, lending institutions, utilities companies and credit cards worldwide to reduce risk, increase portfolio size, improve customer service and verify applicants. Lenddo now offers a way to prove identity and establish one’s character online to unlock loans, online shopping and also improve chances of employment. The company has raised over $14 million in funding. AT Capital, Life.SREDA, Omidyar Network, Blumberg Capital and Golden Gate Ventures are some of the investors in the firm.
VMoney (Philippines): Founded in 2013, VMoney has developed a proprietary online platform that enables members to deposit money into digital wallets where it can be sent to other VMoney members in real-time, transferred to bank accounts, or used for bills pay and prepaid reloading. VMoney also develops, operates and markets cashless payment solutions for businesses ranging from white-labeled debit cards, online payments, point-of-sale solutions, e-commerce platforms, funds disbursement, tap payments, and loyalty & rewards.
AturDuit (Malaysia): Founded in 2014, AturDuit is a financial comparison portal which includes financial products such as mortgages, credit cards, loans, car insurance, car loans, deposits and savings. They provide credit simulation and the best interest rates offered by a range of banks and financial services in Malaysia. The firm has online applications for these products and provides articles which cover tips, tricks finance, personal loans, mortgage loans and investment. The company serves over 2 million unique visitors every month and connects them to over 50 banking and telco partners throughout the region
Omise (Thailand): Founded in 2013, Omise started out as an e-commerce platform, before the team decided to focus on the payment gateway. The firm offers a set of APIs and developer resources that allow new merchants to get online and accept payment with 24 hours. The firm has raised about US$ 2.9 million in four rounds. Golden Gate Ventures, East Ventures, SMDV, Thai telco True Group, etc. are some of the investors in the firm.
Skolafund (Malaysia): Founded in 2015, Skolafund is a Web platform for students to crowdfund their scholarships for higher education. Students can organize a 30-day campaign on the platform with a target funding amount. The startup will do their part by emailing their user base and approaching their contacts to gather support for the students. Skolafund will also promote the students’ campaigns via their Facebook and Twitter portals. The startup has gained a pre-seed grant from Startupbootcamp and has raised $15,900 in investments till date.
Piggipo (Thailand): Founded in 2013, Piggipo is an application from Thailand that manages credit cards. The company aims to be Mint.com of Asia and has raised $70,000 in seed funding from DTAC and Ookbee. It has also partnered with banks in Thailand and Malaysia with the number of app downloads having crossed 100,000 with more than 20% of the users being active users.
Money Lover (Vietnam): Founded in 2011, Money Lover is a finance management app that allows users to track their expenses over time and manage their monthly and annual budget. Among its features, Money Lover supports multiple accounts and has a cloud sync solution so that users can access their financial data on all devices. The Money Lover app—which is available in iOS, Android and Windows Phones—has more than 2.3 million downloads globally and 40% of them are from Southeast Asia. There are more than 250,000 active users every month and is available in 30 languages and 100 currencies.
M_Service (Vietnam): M_Service provides financial services to the low-income population in Vietnam through mobile phone technology under the brand name of MoMo. MoMo provides new channels for customers, who have a mobile phone, to access traditional retail financial services via an extensive distribution network of mobile operators. With mobile financial services, customers can leverage mobile money platforms (MoMo) to make payments, withdrawals and cash transfers among others. The company has received $33.75 million in funding till date from Standard Chartered private equity and Goldman Sachs.
NgaturDuit (Indonesia): Founded in 2010, NgaturDuit is an Indonesia-based online service provider for users to plan and track their budget and expenses. NgaturDuit ran the extra mile by offering users with financial consultancy services, which is powered by IARFC, the largest personal financial planner group in Indonesia. NgaturDuit is a joint operation between two small IT consultancy companies.
Doku (Indonesia): Founded in 2007, Doku provides electronic payment processing, online and in-mobile applications enabling e-commerce merchants of any size to accept a wide range of online payment options from credit cards to emerging payment types. The firm also launched its own wallet to allow easier online transactions. The firm last year processed an estimated US$1.5 billion worth of transactions with over 13,000 merchants in its portfolio across various industries since its launch. Its product, DOKU Wallet, has also accumulated 750,000 registered users and is accepted in 10,000 locations in the country.
Stockbit (Indonesia): Stockbit is an online investment community for traders on the Indonesia Stock Exchange. It acts as a space for investors and traders to share ideas, insights, and other financial information in real-time on a social network. Users can locate ideas, stock market data, media links and other financial information. The underlying value of Stockbit is that it allows traders to make better-informed investment decisions before executing trades in real life.
Modalku (Indonesia): Founded in 2016, Modalku is a new marketplace for peer-to-peer (P2P) lending to give Indonesia’s small and medium enterprises (SMEs) greater access to funding by means of loans pooled from crowdfunding. Modalku offers companies quick access to non-collateral loans with interest rates between 15 and 20%. It also promises an annual return of up to 18% to individual lenders who take part in crowdfunding the SMEs through Modalku’s online platform. Modalku offers loans from Rp 50 million to Rp 500 million ($3,618-$36,180) with a tenure of three, six and twelve months.
StockRadars (Thailand): Launched in 2013, StockRadars helps its users to monitor the stock market via radars – tools through which investors can set specific criteria for the stocks they wish to keep a look out for. While the app comes with a free set of default radars, users can purchase additional radars with more advanced criteria if they so desire. The application provides analysis of individual shares. In other words, it checks the sentiment analysis index of the optional share, market data and the most comprehensive information about the stock market. The company has raised an undisclosed amount of funding in three rounds. Apart from Thailand, StockRadars is launching in eight additional markets: Hong Kong, China, Taiwan, South Korea, Japan, New Zealand, India and Singapore.
Currenseek (Malaysia): Founded in 2015, Currenseek is a mobile app that helps travelers locate the best exchange rates close to them and avoid getting ripped off by crafty moneylenders. Through Currenseek’s mobile app, tourists can see updated, real-time information on current exchange rates as well as locate outlets closest to them. Essentially, the app bypasses wholesale bank rates and allows users to crowdsource updated rates. The startup has raised some seed funding as well.