Women-Focused Neobanking Startup LXME Bags Seed Funding From Kalaari Capital, Others
Weekly news up to Wednesday, 26th of June 2024.
REPORT
👀 NEWS HIGHLIGHT
This comes close on the heels of Le Travenues Technology, the parent company of ixigo, making a strong debut on the stock exchanges last Tuesday, opening significantly higher than the issue price.
On the NSE, ixigo shares opened at INR 138.10 per share, a 48.5% increase from the issue price of INR 93, while it opened at INR 135 apiece, up 45.16% from the issue price on BSE.
📰 ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ Paywatch, an earned-wage access (EWA) service provider in Asia, has secured US$30 million (approximately RM141 million) in funding.
⭐️ FinTech Firm Pine Labs Weighs $1 Billion IPO in India.
⭐️ South Korean-Based FinTech Startup Travel Wallet Raises $10M From Lightspeed.
⭐️ Corpay Cross-Border Continues Global Expansion with Launch of New Office in New Zealand.
AUSTRALIA 🇦🇺
New Zealand-based Buy now, pay later lender Laybuy has entered receivership after failing to find a buyer for the ailing business. The firm was forced to cut its headcount by a third in July 2022 after failing to raise fresh capital and ditching plans to hive off its UK arm.
National Australia Bank’s Venture Arm Invests in Crypto-Focused Zodia Custody. The investment from NAB Ventures underpins Zodia’s push into Australia, where the custody firm established operations in late 2023, according to a press release. The size of the investment was not disclosed.
Travelpay And Pelikin Launch Revolutionary Digital Currency Card. TravelPay Money is designed with the modern traveller in mind. It offers the best-in-market 22-currency wallet functionality, effortless and free sign-up, and long-term commission-earning opportunities for travel professionals.
SINGAPORE 🇸🇬
Airwallex for Startups debuts in Singapore to help drive local startup success. The program aims to empower startups to grow and scale their businesses, offering them tips and tools to manage their finances more effectively from the start of their journey and enable them to better connect with the ecosystem.
Users of Revolut in Singapore can now hold more funds in their e-wallets and spend more in a year, as the firm responds to increased demand from travellers and customers who are investing through the app.
Singapore-based financial technology firm Atome Financial said on Tuesday it had secured an up to $100 million debt facility including from EvolutionX, a debt financing platform jointly set up by DBS opens new tab and Temasek, to expand in Southeast Asia.
HONG KONG 🇭🇰
FinTech WeLab to Expand Hong Kong and Southeast Asia Operations. These initiatives are fortifying a robust foundation to support WeLab’s accelerated growth.
Hong Kong FinTech company FundPark has obtained a three-year $250 million private loan with HSBC Holdings Plc as a senior facility provider, the second such investment the firm has secured this year.
MALAYSIA 🇲🇾
More than Half a Million Malaysians Have Signed up for GXBank. The bank also provides an unlimited cashback card, rewarding users with 1% cashback on all transactions and offering benefits like fee waivers at over 10,000 MEPS ATMs nationwide.
CHINA 🇨🇳
China is pushing for Visa and Mastercard to lower their bank card transaction fees in the country, a person familiar with the matter said, as part of an effort to facilitate payments for foreign visitors.
INDIA 🇮🇳
Binance Faces $2.25M Fine for Violating India’s AML Laws. Binance landed in FIU’s crosshairs in December 2023 when the regulator issued a notice against it. The FIU asked the exchange to “demonstrate why appropriate action should not be undertaken against it” for its dereliction of duties under the PMLA.
Women-Focused Neobanking Startup LXME Bags Seed Funding From Kalaari Capital, Others. Women-focused neobanking startup LXME has raised $1.2 Mn (INR 10 Cr) in a seed funding exercise led by Kalaari Capital via its CXXO initiative.
INDONESIA 🇮🇩
Indonesian digital bank Superbank has officially launched its services on the Grab superapp, enabling users and partners to open bank accounts and utilize them directly for Grab services without needing an additional app.
Indonesian FinTech Amartha Secures $17.5m Investment From Accion Digital Transformation Fund. This investment aims to bolster Amartha’s efforts in expanding its platform to provide a comprehensive array of financial products and services tailored for underserved women-led small businesses in rural Indonesia, leveraging advanced data and AI technologies.
PHILIPPINES 🇵🇭
Visa expands tokenized payments in Phl. Global payment solutions provider Visa is reaching out to banks and merchants to introduce tokenization of payments which features data privacy and personalized shopping.
Brankas and Global Finteq team on Lending-as-a-Service in the Philippines. Established banks, rural banks, and even non-traditional financial institutions are now able to lend at scale as existing loan products can now exist outside of the traditional channels such as physical bank branches or websites.