Doubling up
- 500-backed payments infrastructure Singapore startup Xfers has joined forces with Payfazz, an Indonesia-based fintech platform, to form a new financial entity called Fazz Financial Group (FFG).
- As part of the agreement, Xfers received a strategic investment of US$30 million from Payfazz. Co-founder and CEO of Xfers, Tianwei Liu, will join as the Group’s Deputy CEO.
- Xfers will serve as the B2B arm of FFG, working to connect external merchants to its payment infrastructure and user network amassed by the group. Fazz Financial Group will focus on strengthening its infrastructure and product offerings from Q2 2021. Xfers will continue to serve clients in Indonesia and Singapore with its payments infrastructure, enabling them to accept bank transfers, e-wallet funds, and payments through convenience stores and agent banking networks like Payfazz. According to the startup, it has access to more than 10 million underbanked consumers in Indonesia. Also, it plans to expand into Thailand, the Philippines, Malaysia, and Vietnam.
- Read the full article on e27.
Scooting over to Korea
- 500-backed e-scooter startup Neuron Mobility announced it is expanding its services to Korea, starting with the capital city of Seoul, following the Korean government’s recent introduction of stricter rules on how e-scooters should be ridden and operated.
- Neuron Mobility chief executive Zachary Wang said, “We’ve been studying the rise in popularity of e-scooters in Korea for some time. Now that new regulations are being introduced, as well as an increased focus on safety, we think it’s the perfect time to bring our safely-leading e-scooters and collaborative ways of working to the city.”
- The startup will deploy 2,000 e-scooters to test and refine operations before “scaling significantly” later in the year.
- Earlier this year, the startup’s e-scooters landed in Sunderland, another city in the north-east of England, following a Newcastle launch.
- Read about Neuron Mobility’s expansion on the Business Times.
Rooms for relief
- 500-backed hospitality startup RedDoorz launched a CSR campaign in collaboration with Singapore-based charity organization Daughters Of Tomorrow (DOT).
- Under this campaign, Singaporeans can donate their unused SingapoRediscovers Vouchers (SRVs) to provide free accommodation for DOT beneficiaries who come from economically-challenged environments. The SRV is an initiative by the Singapore Tourism Board to encourage Singaporeans to rediscover the city and support local tourism businesses.
- As an additional boost to the campaign, RedDoorz will match every room night donated by the public.
- Adil Mubarak, vice president of operations at RedDoorz said, “RedDoorz strongly believes in the importance of supporting our communities and we hope that through this initiative we can provide much-needed help for people who might be more vulnerable during these tough times. We encourage all Singaporeans to contribute their unused SingapoRediscovers Vouchers knowing that their efforts can make a big difference in the lives of the beneficiaries.”
- Singaporeans may make their donations here.
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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.
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