Shift Secures $23.7m In Series D Equity Led By Peak XV Partners
Weekly news up to Wednesday, 28th of August 2024
👀 NEWS HIGHLIGHT
Shift, a provider of credit and payment products to Australian businesses, has announced that it has closed a $23.7 million ($AUD35 million) Series D funding round led by Peak XV Partners (formerly Sequoia Capital, SEA).
In addition to Peak XV Partners, who led Shift’s Series C round in 2023, several existing shareholders participated in the Series D equity round. This funding round follows the completion of a $230 million Asset Backed Securitisation in May 2024 and comes as the company marks 10 years in operation.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ State Street Global Advisors buys stake in Australian FinTech Raiz.
⭐️ HDFC Bank partners with Zeta to offer Credit Line on UPI.
⭐️ Ravi Patel Joins Zühlke as Head of Financial Services Southeast Asia.
⭐️ India’s open commerce network expands into digital lending.
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AUSTRALIA 🇦🇺
Australian AI startup RedOwl joins Mastercard’s prestigious Start Path Small Business Program. RedOwl has been selected as the only Australian and APAC company to join the latest Mastercard Program cohort, placing it among an elite group of eight global startups recognized for their potential to innovate small business operations.
Doo Payment granted Australia remittance license by AUSTRAC. Doo Payment AU Pty Ltd aims to meet the diverse financial needs of individual and corporate customers and explore the unlimited opportunities in Australia’s leading financial market.
Moneycatcha, the Perth-based FinTech that delivers open banking solutions to mortgage brokers under the ‘Regchain’ and ‘Stryd’ brands, is accelerating growth plans to capitalise on renewed momentum in Australia’s Consumer Data Right (CDR), boosted by two key board appointments and $1.5 Million in fresh funds.
Zeller unveils the first next-generation payments and POS solution designed and engineered in Australia. The FinTech announced the launch of Zeller Terminal 2, which offers premium design and unparalleled customisation at an affordable price point, setting a new benchmark in payments and POS technology.
NEW ZEALAND 🇳🇿
Klarna has acquired Laybuy’s assets in New Zealand, the birthplace of the payments provider, and plans to relaunch the service in the coming weeks. Laybuy, which ceased operations in June, is set to make a reenergized return in New Zealand under Klarna.
SINGAPORE 🇸🇬
South East Asian neobank Fingular surpasses four million customers. In July, the neobank hit 4 million registered customers in South and Southeast Asia, making it a serious competitor to both traditional and neobanks in the region and globally, just weeks after achieving profitability in Malaysia within 9 months of launch.
HONG KONG 🇭🇰
Hong Kong FinTech start-up offers loans to unpaid subcontractors amid building slump. Riverchain’s digital platform offers relief to subcontractors, and features a risk model that capitalises on industry knowledge and the ability to unlock value from both unstructured and structured industry data.
MALAYSIA 🇲🇾
India’s UPI and Malaysia’s PayNet to connect for Instant Cross-Border Payments. The move aims to further India’s ongoing efforts to expand its instant payment network globally. PayNet reaffirmed that it is dedicated to enhancing Malaysia’s financial infrastructure through continuous innovation and strategic partnerships.
CHINA 🇨🇳
Binance and Macau police team up to fight against online scams. Binance said it will integrate anti-fraud alerts into its system, specifically targeting users in Macau. These alerts will be tailored by the Judiciary Police and will appear when users initiate a withdrawal.
THAILAND 🇹🇭
Major players vie for Thailand’s first virtual bank licences. A mix of Thai and regional business groups, including SeaMoney Thailand, SCB X, CP Group, Gulf Energy, and VGI, are preparing to apply for virtual bank licences from the Bank of Thailand.
INDIA 🇮🇳
PayU and Fynd to enhance payment solutions for Indian merchants. The partnership aligns well with both companies’ commitment to helping Indian merchants become digital-first and unlock new revenue opportunities.
Swiggy launches ‘Swiggy UPI’ to fuel customers’ payment experience. With this integration, users can complete UPI transactions without leaving the Swiggy app, reducing the payment process from five steps to just one.
Amazon considers moving Amazon Pay into a standalone app in India. The U.S. tech giant has been contemplating decoupling its payments service from the e-commerce app for about a year and intends to proceed with the plan in the coming months, sources said.
India’s Account Aggregator Framework crosses 100 million consents in three years. The 1059% growth in FY 2023-24 makes it the fastest growing Open Finance Network in the World. It also positions India’s AA ecosystem, the fastest growing Open Finance ecosystem in the world.
FinTech startup TransBnk secures $4 million in funding round led by 8i Ventures. The fresh capital will be used to expand TransBnk's banking network, drive global growth in West and Southeast Asia, and strengthen its technology and product offerings.
Banking Circle and Skydo join forces to streamline cross-border collections for Indian businesses. The collaboration aims to support Indian businesses operating globally by providing them with seamless, efficient and cost-effective payment solutions, enabling them to thrive in international markets.
INDmoney, leading stock broking platform, has announced Instant Withdrawals via UPI for its Indian stocks investors. The feature enables users to withdraw their funds into their savings accounts instantly, even if they are trading on the same day.
Indian food delivery and quick commerce company Zomato intends to expand its efforts in the business of helping Indian consumers discover and purchase tickets for movies, sports and events. The company plans to do so by acquiring the entertainment ticketing business of Paytm, an Indian payments and financial services distribution company, Zomato said in a Wednesday (Aug. 21) announcement.
FinTech startup Axio raises $20 million funding from Amazon Smbhav Venture Fund. The new funds will be used to drive growth, scale lending, expand use cases for checkout finance, and introduce more credit products to customers.
Paytm shares drop after report on regulatory scrutiny. Paytm shares fell Monday on news that India’s markets watchdog has sent its founder notices over alleged misrepresentation, a move the FinTech pioneer said was not a “new development.”
CAMBODIA 🇰🇭
TechCreate partners with IDEMIA Secure Transactions to Elevate Digital Payments in Cambodia. This collaboration signifies a momentous milestone in Cambodia's financial technology landscape, heralding a new era of innovation and digital payment adoption in the region.
PHILIPPINES 🇵🇭
PayMongo launches e-Wallet to empower Filipino SMEs. This new offering is designed to provide Filipino businesses with an easier way to manage payments, drive growth, and streamline their operations.
KOREAN 🇰🇷
Korean FinTech SentBe launches global remittance service. Targeting those who need to send money outside of their country, SentBe’s individual remittance service facilitates remittances to home countries. The company claims $264 million in fee savings from 2016 to 2023.
PAKISTAN 🇵🇰
Pakistani FinTech startup PostEx raises $7.3m in pre-series A funding. According to a press statement by the startup, “The proceeds will assist PostEx in consolidating its market leadership in Pakistan and support an aggressive expansion into the Gulf Cooperation Council (GCC) — where new markets and customers will have access to PostEx’s services.”