Singapore-headquartered VENTENY.com has closed a $2.3m Series A round of funding led by Japanese venture firm SBI Investments.
Participation to the round also came from SV-FINTECH and prominent FinTech angel investors Mamoru Taniya and Makoto Takano.
Launched in 2015, the company is an employee benefits solution that offers Philippine businesses the option to offer perks to their workers. VENTENY offers employee discounts at restaurants, fitness centres, and resorts/hotels.
Not only does the company offer rewards, but it also provides access to short-term loans for employees needing emergency money.
Equity from the series will be used to support the development of the platform and for the strengthening on the team. VENTENY currently operates in the Philippines as its pilot market, before it expands across Southeast Asia in the future.
Earlier in the year, VENTENY received an undisclosed seed investment from KK Fund.
SBI has very active in the FinTech space this year. In October, the firm led the $2m pre-Series B round into Jirnexu, a technology developer for banks and insurance companies. The same month also saw SBI contribute to digital keyboard payment solution PayKey’s $10m Series B.
Last week, data analytics solution iguazio opened its APAC regional headquarters in Singapore. From this new office the company hopes to meet the growing demand in the region.
Across 2016, Singapore saw a lot more investment than its regional competitor, Hong Kong. Singapore saw more funding in each of the quarters and saw a 1.6x more equity deployed into the country overall. Singapore saw a total of $309.1m deployed over 2016, while Hong Kong received $186.1m.