Indonesian firm helps fund SEA fintech
Indonesian venture capital firm Alpha JWC Ventures is partnering with PayPal Holdings to support financial-technology startups in Southeast Asia.
The VC firm will provide up to $5 million in funding for PayPal Incubator, a program that provides startups with coaching and mentoring from PayPal executives and subject matter experts. Companies in the program are also enrolled in finance and technology courses led by experts in the fintech industry and provided access to PayPal’s network and VC connections. The Alpha JWC Ventures funding is earmarked specifically for companies from Indonesia, Singapore, Vietnam, the Philippines and Thailand.
In order to qualify, companies must be fintech product or technology startups, have a minimum viable product and early trial with customers. Senior executives from both companies interview and select the participating startups. Examples of companies that have been in the programme include one that helps businesses with short-term funding and another that fights money laundering and terrorism funding with AI.
Alpha JWC is currently raising another fund to continue investing in fintech and consumer businesses in Southeast Asia.
•PayPal to join forces with Indonesian VC firm
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