Start@SG

Luxury fashion marketplace secures $2m

The Fifth Collection, a high-end fashion marketplace, has raised $2 million in seed funding from a group of Asian and European investors.

The platform, founded by husband-and-wife team Michael Finn and Nejla Matam-Finn in 2014, allows users to buy and sell items such as shoes, bags, clothes and jewellery.

The new funding will go towards hiring more staff, as well as investing in operations, marketing and technology to accelerate sales, said Mr Finn, the chief operating officer.

Invoice financing platform raises $700,000

Alternative financing platform SmartFunding has secured $700,000 in seed funding in a round led by Fintech Asia Group, the fintech venture arm of Australia-listed Fatfish Internet Group, and Investorlend, an investment firm in Australia.

The Singapore-founded platform allows small and medium-sized enterprises to sell their yet-to-be-paid invoices to investors who want to purchase future cash flows.

In addition to invoice financing, SmartFunding aims to roll out other fintech products in the near future, the company said.

The SmartFunding platform is now live and those interested in joining as investors can sign up at www.smartfunding.sg.

$125,000 seed funding for silver sector start-ups

An accelerator programme which aims to create businesses serving the needs of ageing populations has given three teams a total of $125,000 in seed funding.

The top co-recipients are FlexoSense and Kinexcs, which each received $50,000 in seed funding from Modern Aging Singapore.

FlexoSense is developing a flexible pressure sensor technology into a smart insole solution to address diabetic foot ulcers, while Kinexcs is developing a wearable monitoring device to remotely track, analyse and monitor the rehabilitation of patients who have undergone lower limb surgery.

Another team called Oxyvel, which is developing a silicone gel sheath to reduce the likelihood of pressure ulcers around the ears of patients using oxygen delivery apparatus, received $25,000 in seed funding.

This is the second run of Modern Aging Singapore, organised by Access Health International and NUS Enterprise.

More than 80 teams had signed up for the four-month programme that began in July.

Mobile payment service Liquid Pay opens in S'pore

Liquid Pay, a mobile payment platform that integrates payments with price discovery and discounts, has officially launched in Singapore.

The service allows consumers to pay for goods and services via smartphones. By adding their credit and debit cards on to the Liquid Pay app, they can compare various card discounts and merchant rewards when making payments.

"Singapore is aiming to be a truly cashless society, and we believe Liquid Pay is well placed to support and propel this initiative," said Mr Jeremy Tan, the chief executive officer of Liquid Group.

"As a start, we are rolling out Liquid Pay to a range of food and beverage institutions in Singapore and are working closely with government bodies and trade associations to increase access to the F&B sector."

The platform allows banks and merchants to introduce prepaid, debit, credit, discount and gift cards instantaneously.

Users will also receive targeted discounts and promotions.

Chia Yan Min

A version of this article appeared in the print edition of The Straits Times on November 29, 2016, with the headline 'Start@SG'. Print Edition | Subscribe