Singapore-based Tinvio raises $12M Collection A to construct monetary services and products for provide chain traders

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First created to offer provide chain traders a streamlined solution to be in contact with patrons, Tinvio is now making ready to release monetary services and products, together with financing and bank card issuing. The Singapore-based startup introduced as of late it has raised a $12 million Collection A to construct out its B2B transactions platform. The spherical was once led by way of AppWorks Ventures, with participation from strategic investor MUFG Innovation Companions (MUIP), a undertaking capital company for collaborations between startups and Mitsubishi UFJ Monetary Crew.

All of Tinvio’s current buyers—Sequoia Capital India’s Surge, World Founders Capital and Partech Ventures—additionally returned for its Collection A, which brings Tinvio’s general raised to $18.5 million.

Tinvio’s ultimate investment announcement was once a $5.5 million seed spherical in April 2021. The corporate was once based in July 2021 by way of Ajay Gopal, whose prior skilled enjoy incorporated main preliminary public providing and merger and acquisition transactions as a fintech funding banker for Credit score Suisse in London.

Since its seed investment, Tinvio says its shopper base has larger four instances to over 5,000 companies in Singapore, Indonesia, Thailand and different Asian markets. Gopal advised TechCrunch that as its person base grows, it’s obtaining extra new consumers thru word-of-mouth and referrals. For instance, Southeast Asian F&B provider QQ Crew onboarded all of its traders onto Tinvio and now makes use of the platform for all industry orders.

Probably the most causes Tinvio makes a speciality of F&B companies is as a result of they take care of a large number of perishable items and continuously want to arrange orders and stock. Gopal mentioned the corporate additionally has shoppers within the healthcare and car sectors, however plans to stay focused on enlargement in F&B.

Tinvio app was once at first introduced with the intention to consolidate orders from other puts, together with e-mail, SMS and WhatsApp, and let providers stay real-time virtual ledgers.

It lately entered monetary services and products by way of including a virtual bills assortment and reconciliation options. Gopal says many providers nonetheless take fee within the type of financial institution transfers or money and paper tests on supply, making it tricky to stay arrange their money cycles. So Tinvio introduced a “tremendous grimy pilot” for on-platform bills past due ultimate yr in Indonesia, and after validating it, added B2B bills to its core product. Tinvio helps bills thru bank cards, direct debits and automatic financial institution transfers, and is built-in with regional fee gateways. Over the past two months, 95% of providers at the platform have persevered to make use of Tinvio to assemble bills from their traders.

“It’s handiest been are living for a few months, however we’ve already gotten such a lot comments from our customers and we’re sprinting to release new features corresponding to real-time bills and credit score,” mentioned Gopal.

The corporate has a 12-month roadmap for its different monetary services and products, together with transaction financing, bank card issuing and bill factoring, with pilots deliberate for the following two quarters. “On this Collection A, we’ve teamed up with MUFG financial institution,” Gopal mentioned. “This units us up in an incredible place to go-to-market even quicker with our monetary era stack that we’ve been construction.”

In a remark, AppWorks Ventures managing spouse Jessica Liu mentioned, “Tinvio’s focal point on modernizing B2B industry with a unbroken person enjoy has noticed it onboard and digitalize hundreds of service provider and provider groups with out disrupting their day-to-day routines or procurement workflows. Regardless of COVID-19, we nonetheless see nice enlargement momentum, led by way of expanding community results, leaving Tinvio neatly located to dominate this class.”