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Shopback raises US$75M led by Temasek to expand in Asia

Markus Spiske

Shopback raises US$75M led by Temasek to expand in Asia

Singaporean shopping cashback platform Shopback is announcing US$45 million in funding led by Temasek, with participation from Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital, according to TechInAsia.

Shopback will use the funds to expand into new markets in Asia and diversify its core cashback service.

The company with 450 staff in total said that its business in Singapore is already profitable in terms of earnings before interest and tax (EBIT).

It is currently operating in seven markets, including Taiwan and Australia.

Grab partners with Wirecard to widen its payment method to more merchants

Ride-hailing giant Grab has announced a partnership with Germany’s Wirecard to extend the acceptance of its payment method to more merchants via Wirecard’s digital financial commerce platform, according to DealStreetAsia.

Users will be able to pay via GrabPay for online and offline transactions, and Wirecard will be processing the transactions.

Georg von Waldenfels, Executive Vice President Group Business Development at Wirecard, said: “Together, we aim to continue disrupting the payment, tech and mobility industries with innovative solutions that can improve the lives of millions.”

Malaysian B2B wholesale marketplace Dropee joins Y Combinator’s latest cohort

Dropee, an all-in-one marketplace platform for retailers, has been accepted into Y Combinator’s Winter 2020 batch, making it the second Malaysian company to be selected.

Prior to this, the company had raised a USD$350,000 seed investment from Vynn Capital and Prasetia Dwidharma, both of which are investment companies for early-stage companies.

Lennise, CEO of Dropee believes that “independent retailers will still have an incomparable edge over large chain retail stores that no other businesses can easily replicate.”

“Mom-and-pop stores are the best when it comes to customer service, and they have been doing so for decades. The way they treat their customers is almost like family, and we want to maintain this tradition by helping them to keep their businesses around many more decades to come,” said Lennise.

Standard Chartered launches ‘banking as a service’

Standard Chartered (SC) today announced that it has launched a new solution, called ‘nexus’, which will allow companies to offer loans, credit cards and savings accounts with the bank to their customers under their own brand name, according to a statement.

SC currently has a partnership with an undisclosed e-commerce platform in Indonesia.

The company has plans to expand into markets in Asia, Africa and the Middle East with established digital platforms.

“nexus is potentially transformational for the bank and our customers. We will actively partner with leading consumer platforms in our markets to enable convenient access to financial services to millions of new, tech-savvy customers. We are starting with Indonesia, as part of our strategy to grow digitally and expand our business in this important, fast-growing market,” said Bill Winters, Group Chief Executive of SC.

Property Guru enters the mortgage sector, launches ‘PropertyGuru Finance’

Southeast Asia’s property technology has confirmed its expansion into home finance with the launch of its mortgage marketplace, ‘PropertyGuru Finance’.

Through this initiative, the company aims to provide Singaporeans with a cheaper and smoother experience while financing their home.

The company will also be offering in-principle approval, instant offers and refinances checks, for property buyers online.

CMO Bjorn Sprengers said that the company wants to target the pain points of the “process of how people will finance their homes”.