Singapore-based Tinvio raises $12M Series A to build financial services for supply chain merchants



First created to give supply chain merchants a streamlined way to communicate with buyers, Tinvio is now preparing to launch financial services, including financing and credit card issuing. The Singapore-based startup announced today it has raised a $12 million Series A to build out its B2B transactions platform. The round was led by AppWorks Ventures, with participation from 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—also returned for its Series A, which brings Tinvio’s total raised to $18.5 million.

Tinvio’s last funding announcement was a $5.5 million seed round in April 2020. The company was founded in July 2019 by Ajay Gopal, whose prior professional experience included leading initial public offering and merger and acquisition transactions as a fintech investment banker for Credit Suisse in London.

Since its seed funding, Tinvio says its client base has increased four times to over 5,000 businesses in Singapore, Indonesia, Thailand and other Asian markets. Gopal told TechCrunch that as its user base grows, it is acquiring more new customers through word-of-mouth and referrals. For example, Southeast Asian F&B supplier QQ Group onboarded all of its merchants onto Tinvio and now uses the platform for all trade orders.

One of the reasons Tinvio focuses on F&B businesses is because they deal with a lot of (Read more...)