First created to provide provide chain retailers a streamlined technique to talk with consumers, Tinvio is now getting ready to launch monetary companies, together with financing and bank card issuing. The Singapore-based startup introduced right now it has raised a $12 million Sequence A to construct out its B2B transactions platform. The spherical was led by AppWorks Ventures, with participation from strategic investor MUFG Innovation Companions (MUIP), a enterprise capital agency for collaborations between startups and Mitsubishi UFJ Monetary Group.
All of Tinvio’s present buyers — Sequoia Capital India’s Surge, World Founders Capital and Partech Ventures — additionally returned for its Sequence A, which brings Tinvio’s whole raised to $18.5 million.
Tinvio’s final funding announcement was a $5.5 million seed spherical in April 2020. The corporate was based in July 2019 by Ajay Gopal, whose prior skilled expertise included main preliminary public providing and merger and acquisition transactions as a fintech funding banker for Credit score Suisse in London.
Since its seed funding, Tinvio says its shopper base has elevated 4 occasions, to greater than 5,000 companies in Singapore, Indonesia, Thailand and different Asian markets. Gopal advised TechCrunch that as its person base grows, it’s buying extra new clients via word-of-mouth and referrals. For instance, Southeast Asian F&B provider QQ Group onboarded all of its retailers onto Tinvio and now makes use of the platform for all commerce orders.
One of many causes Tinvio focuses on F&B companies is as a result of they take care of quite a lot of perishable items and consistently have to handle orders and stock. Gopal stated the corporate additionally has purchasers within the healthcare and automotive sectors, however plans to maintain concentrating on development in F&B.
The Tinvio app was initially launched as a technique to consolidate orders from totally different locations, together with e-mail, SMS and WhatsApp, and let suppliers preserve real-time digital ledgers.
It just lately entered monetary companies by including a digital funds assortment and reconciliation options. Gopal says many suppliers nonetheless take fee within the type of financial institution transfers or money and paper checks on supply, making it troublesome to handle their money cycles. So Tinvio launched a “tremendous soiled pilot” for on-platform funds late final yr in Indonesia, and after validating it, added B2B funds to its core product. Tinvio helps funds via bank cards, direct debits and automatic financial institution transfers, and is built-in with regional fee gateways. During the last two months, 95% of suppliers on the platform have continued to make use of Tinvio to gather funds from their retailers.
“It’s solely been stay for a few months, however we’ve already gotten a lot suggestions from our customers and we’re sprinting to unlock new capabilities equivalent to real-time funds and credit score,” stated Gopal.
The corporate has a 12-month roadmap for its different monetary companies, together with transaction financing, bank card issuing and bill factoring, with pilots deliberate for the following two quarters. “On this Sequence A, we’ve teamed up with MUFG financial institution,” Gopal stated. “This units us up in a incredible place to go-to-market even sooner with our monetary expertise stack that we’ve been constructing.”
In an announcement, AppWorks Ventures managing companion Jessica Liu stated, “Tinvio’s concentrate on modernizing B2B commerce with a seamless person expertise has seen it onboard and digitalize 1000’s of service provider and provider groups with out disrupting their every day routines or procurement workflows. Regardless of COVID-19, we nonetheless see nice development momentum, led by rising community results, leaving Tinvio nicely positioned to dominate this class.”