Airwallex Expands into Vietnam with Acquisition of CTIN Pay
In a significant move that underscores its ambition to enhance cross-border financial services in the Asia-Pacific region, Airwallex has announced the acquisition of CTIN Pay, a licensed intermediary payment service (IPS) provider in Vietnam. This strategic acquisition, which is pending customary closing conditions, marks the latest chapter in Airwallex’s journey to expand its footprint across Asia.
By integrating CTIN Pay into its operations, Airwallex aims to bolster its financial infrastructure in Vietnam, thereby enabling local businesses to scale their operations internationally. This effort will also aid foreign companies looking to establish a presence in the rapidly growing Vietnamese market. As the world increasingly embraces digital payments, Airwallex’s move positions itself as a key player in a landscape dominated by evolving payment ecosystems.
Leadership Changes to Drive Regional Growth
To spearhead this initiative, Airwallex has appointed Ershad Ahamed as the new head of Southeast Asia. Ahamed brings a wealth of experience from his previous roles at major companies such as Grab, Rakuten, and Procter & Gamble. His leadership will be pivotal in not only driving Airwallex’s growth in the region but also in strengthening relationships with local enterprises and industry stakeholders. The acquisition comes on the heels of Airwallex’s recent purchase of MexPago, a payments service provider in Mexico, indicating a robust strategy to create a truly global financial platform.
Finory Secures Investment from 1337 Ventures
Meanwhile, in the realm of personal finance technology, Finory, a Malaysian app dedicated to enhancing personal finance management, has successfully raised an undisclosed amount from 1337 Ventures. This investment aims to facilitate service enhancements and expand its financial data solutions tailored for banks and fintech firms.
Initially launched with the goal of consolidating users’ credit card and bank statements, Finory has evolved significantly. Today, the platform offers a suite of data-driven tools that provide insightful financial analytics and transaction categorization. These offerings enable partner banks and fintech companies to streamline lending assessments and enhance their overall financial service delivery.
Darwinbox Secures Substantial Funding for International Expansion
On another front, Darwinbox, a Hyderabad-based HR technology platform, has attracted a whopping USD 140 million in a funding round co-led by Partners Group and KKR, with participation from Gravity Holdings. This capital infusion is set to fuel Darwinbox’s international expansion and further its product development initiatives, especially in North America.
Notably, more than 60% of Darwinbox’s recent revenue growth has been driven by international markets. The company has been proactive in introducing multi-country payroll solutions and enhancing its enterprise features, positioning itself as a facilitator of seamless HR solutions across borders.
LiveIn’s Acquisition of KoolKost in Indonesia
In the realm of flexible housing, LiveIn has made waves by acquiring KoolKost, a long-term accommodation brand from RedDoorz. This acquisition adds properties across six Indonesian cities to LiveIn’s portfolio, further solidifying its position in the market. Financial terms of the deal remain undisclosed.
KoolKost, established in 2020, primarily caters to long-term travelers, students, and modern workers seeking budget-friendly living solutions. LiveIn’s co-founder and CEO, Keek Wen Khai, highlighted that the acquisition would enhance returns for property owners while offering more flexible housing options to young Indonesians. KoolKost will retain its identity as a sub-brand under LiveIn Indonesia, ensuring customers continue to enjoy the brand’s distinct offerings.
Baidu-Backed StarFive Secures Investment from HKIC
In a notable development in the tech world, StarFive Technology, a Chinese chip design company supported by Baidu, has secured funding from Hong Kong Investment Corporation Limited (HKIC). This investment aligns with Hong Kong’s broader initiative to promote research and development in artificial intelligence and open-source chip technology.
Founded in 2018, StarFive specializes in RISC-V core technology, an open-source alternative to established architectures like x86 and ARM. RISC-V’s flexibility makes it particularly appealing in developing low-power chips, and its adoption is poised for significant growth, particularly in response to the rising demand driven by AI applications.
Recent Activity in China’s Start-Up Landscape
- MicroSilicon has raised a significant Series B+ investment for expanding its packaging production line and R&D initiatives.
- Xunlin Technology has secured pre-Series A funding to enhance its advanced manufacturing capabilities.
- LimX Dynamics, a humanoid robotics firm, attracted substantial funding from prominent investors in its recent Series A+ round.
- HiTS, focused on hydrogen fuel cell technology, and GS Biotech, specializing in biochemicals, have also reported successful funding rounds.
- Memsilicon and AstronStone, working in AI computing and commercial space tech respectively, have recently raised significant angel funding.
Other Noteworthy Developments
- Bumame, an Indonesian healthcare startup, secured pre-Series A funding led by Alpha JWC Ventures.
- Kredivo Group, a digital financial services provider, has acquired GajiGesa, enhancing its platform offerings.
- SmartSolar, a Vietnam-based startup, has emerged from stealth with seed funding to support its innovative initiatives in renewable energy.
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