Originally created to provide merchants in the supply chain with a streamlined way to communicate with buyers, Tinvio is now preparing to launch financial services, including financing and credit card issuance. The Singapore-based startup announced today that it has raised $ 12 million from Series A to develop its B2B transaction platform. The round was led by AppWorks Ventures, with the participation of strategic investor MUFG Innovation Partners (MUIP), a venture capital firm for collaborations between startups and Mitsubishi UFJ Financial Group.
All of Tinvio’s existing investors, Sequoia Capital India’s Surge, Global Founders Capital and Partech Ventures, have also returned for its Series A, bringing Tinvio’s total raised to $ 18.5 million.
Tinvio’s latest funding announcement was a funding round of $ 5.5 million in April 2020. The company was founded in July 2019 by Ajay Gopal, whose previous professional experience included leading offering operations initial public and merger and acquisition as a fintech investment banker for Credit Suisse in London.
Since its seed funding, Tinvio says its customer base has quadrupled to more than 5,000 companies in Singapore, Indonesia, Thailand and other Asian markets. Gopal told TechCrunch that as its user base grows, it acquires new customers through word of mouth and referrals. For example, Southeast Asian foodservice supplier QQ Group has integrated all of their merchants on Tinvio and now uses the platform for all commercial orders.
One of the reasons Tinvio focuses on F&B companies is that they deal with a lot of perishable goods and have to constantly manage orders and inventory. Gopal said the company also has clients in the healthcare and automotive industries, but plans to continue targeting growth in the F&B industry.
The Tinvio app was originally launched to consolidate orders from different locations including email, SMS, and WhatsApp, and allow vendors to keep digital records in real time.
It recently entered financial services by adding digital payment collection and reconciliation functionality. Gopal says many vendors still accept payment in the form of wire transfers or cash and paper checks on delivery, making it difficult to manage their cash cycles. Tinvio therefore launched a “super dirty pilot” for platform payments at the end of last year in Indonesia, and after validating it, added B2B payments to its main product. Tinvio supports payments by credit cards, direct debits and automated bank transfers, and is integrated with regional payment gateways. Over the past two months, 95% of platform providers have continued to use Tinvio to collect payments from their merchants.
“It’s only been online a few months, but we’ve already received so much feedback from our users and we’re working hard to unlock new features like real-time payments and credit,” Gopal said.
The company has a 12-month track record for its other financial services, including transaction finance, credit card issuance, and invoice factoring, with pilot projects slated for the next two quarters. “In this Series A, we have partnered with MUFG bank,” Gopal said. “It puts us in a fantastic position to bring to market even earlier with our fintech stack that we’ve built. “
In a statement, Jessica Liu, Managing Partner of AppWorks Ventures, said, “Tinvio’s focus on modernizing B2B commerce with a seamless user experience has led it to integrate and digitize thousands of business teams. traders and suppliers without disrupting their daily routines or sourcing workflows. Despite COVID-19, we are still seeing strong growth momentum, driven by increasing network effects, leaving Tinvio well positioned to dominate this category. “