Southeast Asia’s SMB FinTechs Score Big

Although funding for the B2B FinTech market appears to be in a summer slumber, this week’s roundup shows a clear winner: Southeast Asia’s alternative SMB finance market. Investors backed three India-based FinTechs and one Singapore-based FinTech, all targeting small- and medium-sized businesses (SMBs) with their solutions designed to expand access to capital. Below, PYMNTS looks at how more than $75 million in fresh funding hit the B2B FinTech community.


India-based Progcap announced $5 million in Series A funding led by Sequoia India, according to YourStory reports this week. With MV Nair, CIBIL’s Chairman Sandeep Tandon, GrowX Ventures Fund, Somak Ghosh and others participating, the investment is a show of support for Progcap’s working capital solutions for retailers in underbanked areas of the market.

The firm does not require collateral for retailers to access its financing solution, reports noted. It uses non-traditional underwriting processes to create credit scores for small business borrowers that are left out of the traditional financial services market. Reports said Progcap plans to deploy the funding to further invest in growth and its technology, and to accelerate expansion in India.

Aye Finance

Another India FinTech startup, Aye Finance, secured debt funding this week to the tune of $8 million provided by DCB Bank. The company also targets under-banked small businesses and connects them with capital, with the DCB Bank financing allowing Aye Finance to expand its loan book with a focus on micro-enterprises, YourStory reports said.


Headquartered in California, Confluera announced $9 million in Series A funding this week for its cybersecurity technology that aims to track cybersecurity risks in organizations’ infrastructures in real time. Lightspeed Founder and Managing Partner Ravi Mhatre led the investment, while other investors included former Symantec CEO and Chairman of Microsoft John W. Thompson, former Service Now CEO Frank Slootman, and former Palo Alto Networks CEO Lane Bess. Confluera said it plans to deploy the funding to accelerate growth and bring its cybersecurity product to market.


Yet another notch for India’s alternative SMB lending market goes to Indifi, which recently announced a $21.32 million Series C investment round led by CDC Group, reports in Entrackr said this week. Citing RoC filings with the Ministry of Corporate Affairs, the publication said Indifi also saw its backing from Omidyar Network, Elevar Equity and Accel India Ventures, while Fair Finance Fund LLC has stepped in as another new backer.

Indifi offers term loan, line of credit, invoice discounting, and merchant cash advance products to small businesses with a focus on the travel, eCommerce, hospitality and retail markets. Reports did not say what Indifi plans to do with the money it has just raised.


Singapore’s B2B FinTech scene scored a win with Aspire’s $32.5 million funding round, TechCrunch reported this week. Aspire connects small businesses with working capital on its bank-like platform, offering businesses its flagship product the AspireAccount. The tool brings SMBs and startups an instant credit limit for their business expenses, as well as other cash flow management tools, reports said.

Investors at MassMutual Ventures Southeast Asia led Aspire’s Series A funding, while other backers included Arc Labs and existing supporters Y Combinator, Hummingbird and Picus Capital. The company said it plans to expand across Singapore, Vietnam, Thailand and Indonesia, and further build out its marketplace banking platform that will use collaborations with third-party financial services businesses.