Month: August 2017

Vertex Ventures Southeast Asia and India (“Vertex SEA/India”) announces KASIKORNBANK (KBank) as its first Thailand Limited Partner (LP) and the first Bank investor for the Fund III.

Besides providing insights into frontier opportunities in the region, Vertex’s global network will also enable KBank to leapfrog into the world arena and be kept abreast of innovative technology and business models in other geographies.

KBank, one of the largest banks in Thailand, has recently launched Beacon Venture Capital, a new organization which invests into Venture Capital Funds and startups with financial innovations that align with KBank’s strategies. The initial capital of Beacon VC is THB 1 billion; its investment policy includes direct investments in Thai and foreign startups, and investments via leading VC funds. The company is led by Mr. Thanapong Na Ranong as Managing Director.

Fintech is one of the target focus areas for this fund, as digital technology unlocks value in the financial sector. Vertex SEA/India has invested in various fintech opportunities including Instarem, an international online remittance platform; Validus, an SME lending platform; and Turnkey Lender, a cloud-based bank-grade loan management platform. Mr Chua is ambitious about this prospect: “We intend to tap on KBank’s knowledge as we invest in the Fintech sector in the region.”

Vertex Ventures SEA Management, licensed by Monetary Authority of Singapore (MAS), raises this latest fund on the heels of multiple growing successes in its previous portfolios, most notably, Grab, which raised US$2.5 billion from Softbank and Didi Chuxing in July 2017. Vertex SEA/India is also the first institutional investor in notable companies in the region including Patsnap, M17/Paktor and Reebonz. Fund III will continue Vertex’s strategy of investing in promising, disruptive and transformational opportunities and build them into global champions. On the back of its track record and leading position in the region, Fund III has exceeded its original target fund size of US$150M. It is now working towards final closing.

 

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Also in:

Bloomberg (English), DealstreetAsia (English), Tech in Asia (English), The Nation (English)

Thailand-based online accounting SaaS company FlowAccount raises a $1.15 million Pre-Series A round from SBI Investment, Beacon Venture Capital, Golden Gate Ventures and 500 TukTuks.

 

The winner of AIS The Startup 2015 expects swift customer base expansion. Currently, over 10,000 companies are active FlowAccount subscribers, with more than 100,000 tax invoices issued each month via the system. In response to government policies, the company plans to provide e-tax invoices and act as a platform to connect other solutions for convenient and efficient back office operations. Among them are ‘Food Solution’ – a digital solution for comprehensive restaurant management – that was launched in May; a Payroll app linked to KBank’s K PLUS SME application, which was introduced in August to facilitate easy, speedy salary payments to employees; and Fastpay that facilitates easier payments to suppliers. This allows FlowAccount customers to conduct financial transactions faster and more conveniently, thus, they aim to further upgrade their system to perform even greater feats in cooperation with business partners.

 

 

FlowAccount was primarily designed for startups. Their very user friendly automated accounting software enables operators to send out billings within two minutes, even though they may not have an accounting background. With just one click, they can use a free service with basic functions such as sending price quotations, trade invoices and even generate tax invoices. Additional functions include inventory management, accrued-expense balance, staff salaries and other reports that help startup entrepreneurs to run their business professionally. Users can access the online accounting service anywhere they are and at any time using a computer or the mobile application available for both iOS and Android, in Thai or English. FlowAccount also regularly organizes workshops to provide tips on basic accounting for startup entrepreneurs and SME owners.

 

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Also in :
Techcrunch (English), DealstreetAsia (English), e27 (English), Brand Inside (Thai), Techsauce (Thai)