Singapore-based credit card solution ipaymy has reportedly netted $1m in its seed round.
Investors contributing to the investment include Beenext and Digital Garage’s investment division DG Incubation, according to various reports in the media.
SMEs set up an account using one of their credit cards, they then link up desired expenses, such as rent, salaries or invoices, for the platform to then pay. The solution costs 1.99 per cent, per transaction. Through the application users are able to make payments to various vendors from just one location.
By using this method for paying expenses, businesses are able to keep cash for an extra 55 days and without interest fees. This solution also helps to improve a user’s credit score and lower taxes.
A range of deals within Singapore were closed last week, with LALA World closing a Series A on $2m. The company is a crypto wallet which is designed to help migrants and underbanked families access global transfers and payments. Other deals to close last week were investment research platform Smartkarma, and investment platform AlgoMerchant, which netted $2m.
Singapore represents one of the top 10 cities in the world, in regard to FinTech funding. The space is dominated by New York, San Francisco and London, but Singapore is the sixth largest, seeing $309m deployed last year.
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