Fintech power moves: Incomlend acquires LC Lite, Oobit raises US$25M, MediConCen nets US$6.85M

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This week’s fintech headlines showcase main acquisitions, investments, and funding rounds shaping the worldwide monetary panorama.

Incomlend acquires LC Lite

Singapore-based world bill financing market Incomlend acquired LC Lite, a specialised Web3-powered commerce finance market, for an undisclosed quantity.

The merger will empower Incomlend to function by a brand new fintech platform, reaching crypto and fiat buyers by commerce finance because it seems to be to speed up its growth within the Center East. The deal will even allow the fintech agency to convey a recent providing of Web3 know-how to its platform, creating a brand new asset class.

Buyers could have entry to each platforms, which is able to coexist and proceed to supply their very own standalone fintech options. The agency plans to develop the fintech platform to help stablecoins transactions sooner or later.

Oobit luggage US$25M in Sequence A

Singapore-based crypto fee app Oobit concluded its US$25 million Sequence A funding spherical.

The backers on this spherical embrace the funding arm of USDT father or mother firm Tether, CMCC World’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.

The startup plans to make use of the funds to develop into Latin America, the UAE, the Asia-Pacific, Canada, and Australia past its major markets within the European Union and the UK.

Additionally Learn: ChargeSini goals to revolutionise Malaysia’s EV panorama with sensible charging options

Oobit gives a gateway to spending cryptocurrencies in conventional commerce settings. Customers pay with crypto, however retailers obtain fiat cash, like a typical bank card transaction.

MediConCen scores US$6.85M in Sequence A

Hong Kong-based MediConCen, a startup automating insurance coverage claims utilizing AI and blockchain, has raised US$6.85 million in its newest Sequence A spherical.

HSBC Asset Administration led this spherical, with help from current buyers G&M Capital and ParticleX and new investor Wings Capital Ventures.

This brings MediConCen’s complete increase to US$12.7 million.

The capital will likely be used to develop into the Center East and Southeast Asia.

Doxa raises funding from Cento Ventures

Doxa Holdings, a Singapore-based fintech startup offering a digital procurement platform for the provision chain house, secured undisclosed funding from Cento Ventures.

The corporate plans to utilise the funds to develop into Malaysia.

Based in 2019 by Edmund Ng, Leon Yeo, and Henry Kwan, Doxa helps join and digitalise the workflow of patrons, suppliers, and financiers by its enterprise platform Doxa Connex. It additionally creates a single supply of fact inside a safe system structure, enabling information authenticity and information analytics and serving to patrons to commerce seamlessly and financiers to evaluate and qualify financing.

Startup funding in SEA sees a 44% drop in Jan

Southeast Asian startups secured US$439 million in enterprise funding throughout 31 rounds in January 2024, a 43.65 per cent drop from December 2023 however a 107.1 per cent soar over January final 12 months, in keeping with a report by startup analysis platform Tracxn.

Of the 31 rounds, 17 have been seed-stage offers and 13 early-stage ones.

Silicon Field topped the chart with a US$200 million funding, adopted by Motorist (US$60 million), Sygnum (US$40 million), Be Group (US$31.2 million), and FlyORO (US$16 million).

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The put up Fintech energy strikes: Incomlend acquires LC Lite, Oobit raises US$25M, MediConCen nets US$6.85M appeared first on e27.

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