Start@SG: Finquest acquires S'pore tech marketplace Detecq

Mr Lesselin says the acquisition of Detecq, which matches tech firms with strategic investors in Asia, will help grow Finquest's business.
Mr Lesselin says the acquisition of Detecq, which matches tech firms with strategic investors in Asia, will help grow Finquest's business.PHOTO: FINQUEST

Finquest acquires S'pore tech marketplace Detecq

Finquest, a platform for mid-sized Asian firms and investors to meet and strike deals, has acquired Detecq, a Singapore-based private marketplace that matches technology companies with strategic investors in Asia. The size of the deal was not disclosed.

The acquisition will bring Detecq's network of corporate investors, merger and acquisition (M&A) professionals and technology companies - including Fortune 500 firms - into the Finquest network, a statement about the deal said.

"Technology has been the top target sector for M&A globally for the last few years and the trend is expected to continue.

"As the tech ecosystem in Asia matures, more tech M&A and fund-raising transactions are expected in the next few years. Buyers from Europe, China, Japan and the US will continue to actively seek strategic tech acquisitions in Asia," the statement added.

Detecq founder Wong Zi En will join the Finquest team to expand the company's presence in the tech industry in Asia.

The two companies complement one another, said Finquest chief executive and co-founder Tanguy Lesselin.

"The acquisition will also help Finquest grow its business by serving the rising number of strategic buyers looking for investment opportunities and acquisitions in the tech space in Asia," he added.

Finquest was officially launched in Singapore last July.

New mobile app to help SMEs get small loans

Crowdfunding platform Funding Societies has launched a new mobile application focused on providing quick, small loans to local firms.

Small and medium-sized enterprises can use the FS Bolt app to obtain loans of up to $20,000.

Funding Societies' original platform offers loans of up to $1 million. FS Bolt features an automated credit assessment process that takes into account "non-traditional data sets", which allows the platform to decide within two hours whether the loan should be approved.

Once approved, the loan can then be disbursed within 24 hours of application.

FS Bolt also provides loan tenor flexibility, charging no fees for early repayment.

"Funding Societies' vision is to help small businesses. Over the last year and a half, borrowers have indicated that they often need funds to tide over short periods of finance-related issues," said Funding Societies co-founder Kelvin Teo.

EDBI invests in US camera maker Lytro

Singapore's EDBI, the corporate investment arm of the Economic Development Board, has invested in Lytro, a United States-based start-up building the world's most powerful Light Field cameras.

Lytro raised US$60 million (S$84.2 million) in the Series D funding, led by Blue Pool Capital.

Lytro's cameras can capture high-quality, immersive 3D images. This could eventually allow, for example, a viewer at home to watch a football game and get a 360-degree view, as if he were at the stadium.

Lytro is doing some of its work out of Singapore.

It plans to partner local research institutes to further advance its camera technology and plans to grow its Asian business and research and development activities out of Singapore.

EDBI said Lytro's presence here will help accelerate the talent base and development of the augmented reality and virtual reality production industry here.

Property app allows users to pay stamp duty online

Tenants who sign rental contracts through property listing application Averspace can now make stamp duty payments online through its platform.

Rental transactions often involve multiple meetings and trips, as well as having to make stamp duty payments. Averspace said it aims to simplify this process.

The company uses blockchain to back digital contracts signed on its platform.

Leasing agreements and related documents can be digitally signed within the app, as they are powered by blockchain technology.

Averspace has helped to secure rental transactions worth approximately $50,000, according to the company.

A version of this article appeared in the print edition of The Straits Times on February 28, 2017, with the headline 'Start@SG'. Print Edition | Subscribe