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Singapore’s EDBI joins US$40 million Series F funding in US tech unicorn WalkMe



14/11/2018 – Singapore’s Economic Development investment arm EDBI has joined in the US$40 million Series F financing round for US-based digital adoption platform WalkMe, which is looking to further expand in the Asia Pacific region.

Financial details of EDBI’s investment were not disclosed but according to several media sources about the deal, the Singapore investor had contributed US$10 million in the round that was led by Insight Venture Partners and Mangrove Capital Partners.

EDBI CEO and president Chu Swee Yeok commented on the investment, saying that WalkMe provides an impressive AI and data analytics-powered engagement platform to help enterprises better adopt digital solutions and improve employee efficiency.

“We believe that WalkMe will be an important enabler to enterprises’ digital transformation journey to scale businesses and drive productivity,” said Chu.

Founded in 2011, WalkMe was one of the first pioneers to set up a Digital Adoption Platform that helps users to complete tasks easily using artificial intelligence, engagement, guidance, and automation.

WalkMe acts as a guide for users to navigate websites and apps more efficiently, and later became one of the tech startup companies in the United States to reach unicorn status in 2018.

The startup first raised US$1 million in its Series A funding round in April 2012 led by Mangrove Capital Partners. With this recent fresh capital, the startup’s total funding to date is at US$217.5 million.

According to WalkMe, the fresh capital will aid the company’s goal of further expanding and localizing its digital adoption offering in the Asia Pacific market through Singapore.

WalkMe already had a strong foothold in the Asia Pacific, with offices in Australia and Japan. The fresh capital will help the company continue its hyper-growth in both the Asia Pacific and Europe.

Currently, the startup claims that its software is used by nearly 2,000 enterprises globally, with its customer portfolio comprising of 30 percent of the Fortune 500 companies.

“Digital transformation is an issue facing organizations of all sizes and across all industries worldwide. EDBI’s investment will help us continue to solidify our market leadership by forging an even stronger presence in the Asia Pacific region,” said WalkMe co-founder and president Raphael Sweary.

Investing since 1991, EDBI is a Singapore-based global investor in select high growth technology sectors ranging from Information & Communication Technology (ICT), Emerging Technology (ET), Healthcare (HC), and other strategic industries.

Indonesian fintech AwanTunai secures US$4.3 million in Series A funding



13/11/2018 – Indonesian fintech startup AwanTunai announced that it has secured a Series A funding round worth US$4.3 million led by Insignia Venture Partners and AMTD Group. The round was also joined by Global Brain, Fenox Venture Capital, and other affiliates.

Founded by Dino Setiawan, Windy Natriavi, and Rama Notowidigdo, AwanTunai is a point-of-sale (POS) financing solution aimed at digitizing Indonesia’s vast cash economy.

The startup provides a holistic financing solution for micro-merchants, acting as a digital distribution platform to thousands of micro-retail merchants who can get access to ready working capital as well as accepting payment from AwanTunai consumer credit.

Besides, AwanTunai also offers Indonesian banks and multi-finance companies the ability to reach customers not covered by their branch networks. Loan origination costs are low through automated digital processes, which reduce the cost of accessing the previously underserved mass market.

Dino Setiawan, the CEO of AwanTunai said, “We recognize that the fintech’s strength is to help existing financial institutions gain wider distribution into underserved markets and lower origination costs. We hope to enable Indonesia’s banks to provide the whole country access to affordable high-quality credit services.”

A member of the PayPal Singapore incubator program, the startup also offers mobile-based credit to 100 million Indonesians unable to access banking products.

As of October 2018, AwanTunai claims to have served 300,000 loan applications. The startup targets to provide working capital loans to 5,000 micro-merchants by the fourth quarter of 2018.

With the freshly raised fund, AwanTunai plans to expand its merchant acceptance network, improve its engineering and data analytics capabilities, in addition to expanding its on-the-ground risk management capabilities.

Commenting on the deal, Insignia Ventures Partners managing partner Yinglan Tan said, “We firmly believe the future of financial services lies with digital banks. Our investment in AwanTunai reflects their ability to be an enabler of incumbent banks to adopt the technologies necessary to deploy digital banking products.”