It was first created to provide traders in the supply chain with a streamlined way to communicate with buyers. Tinvio We are currently preparing to launch financial services such as loans and credit card issuance. The Singapore-based startup announced today that it has raised $ 12 million in Series A to build a B2B transaction platform. The round was led by AppWorks Ventures and was followed by strategic investor MUFG Innovation Partners (MUIP). It is a venture capital firm for collaboration between startups and Mitsubishi UFJ Financial Group.
All of Timbio’s existing investors, including Sequoia Capital India’s Surge, Global Founders Capital and Partech Ventures, also returned to Series A, bringing Timbio’s total to $ 18.5 million.
Tinvio’s final funding announcement It was a round of funding of 5.5 million dollars in April 2020.. The company was founded by Ajay Gopal in July 2019. His previous expertise included leading an initial public offering and an M&A transaction as a FinTech investment banker at Credit Suisse in London.
Since the start-up funding, Tinvio says its customer base has quadrupled to more than 5,000 companies in Singapore, Indonesia, Thailand and other Asian markets. Gopal told TechCrunch that as its user base grows, it gains more new customers through word of mouth and referrals. For example, QQ Group, F&B supplier from South East Asia, has all merchants on Tinvio and now uses this platform for all commercial orders.
One of the reasons Tinvio focuses on the F&B business is because they handle a lot of perishables and need to keep orders and inventory under constant control. Gopal said the company also has clients in the healthcare and automotive industries, but continues to aim for growth in the F&B industry.
The Tinvio app was originally released to integrate orders from a variety of locations including email, SMS, WhatsApp, and allow vendors to keep a digital ledger in real time.
We recently entered financial services by adding the ability to collect and adjust digital payments. According to Gopal, many suppliers still pay by wire transfer or cash and paper check at the time of delivery, making it difficult to control the cash cycle. Therefore, Tinvio launched âSuper Dirty Pilotâ platform payment in Indonesia at the end of last year, and after verifying it, added B2B payment to its core products. Tinvio supports payments by credit card, direct debit, direct bank transfer and is integrated with local payment gateways. In the past two months, 95% of platform providers have used Tinvio to collect payments from merchants.
“It’s only been a few months since it came out, but we’ve already received a lot of feedback from our users, and we’re rushing to unlock new features like real-time payments and credits.” said Gopal.
The company has a 12-month track record for other financial services such as transaction finance, credit card issuance and invoice factoring, with pilot projects planned for the next two quarters. âFor this Series A, we have partnered with MUFG Bank,â said Gopal. âIt puts us in a great position to get to market faster with the fintech stack we’ve built. “
Jessica Liu, Managing Partner of AppWorks Ventures, said in a statement: Despite COVID-19, there is still significant growth momentum, driven by increased network efficiency, and Tinvio is well positioned to dominate this category. “
Singapore-Based Tinvio Raises $ 12 Million Series A To Create Financial Services For Supply Chain Merchants – TechCrunch Singapore-Based Tinvio Raises $ 12 Million Series A To Create Financial Services For Supply Chain Merchants – TechCrunch[ad_2]