ShuttleOne, a Singapore-based financial technology company, has received seed funding of $500,000 as it seeks to enhance its blockchain technology to provide financial services to businesses and individuals.
The seed funding round was led by Sirius Venture Capital, a Singapore-based VC investor with interest in F&B companies in the areas of food production, supply chain, and consumption.
German investor Andromeda GmbH and private investors from Singapore, Indonesia, and Europe also participated in the round.
Launched in 2019, ShuttleOne utilises a digital commodity that uses blockchain technology to help informal workers remit money more transparently and at a lower transfer fee. Using the efficiencies of proprietary Smart Contracts blockchain protocols and digital tokens,
The platform also provides loans to MSMEs, particularly e-commerce merchants, who find securing a loan from traditional financial institutions challenging, through Smart Contracts blockchain protocols and digital tokens.
“For MSMEs, ShuttleOne is able to provide loans that are otherwise unobtainable from the traditional financial ecosystem, as they may not have well-documented ledgers or limited working capital. To address this gap, ShuttleOne offers B2B and B2C loans via Smart Contracts,” said Lim Hong Zhuang, CEO of ShuttleOne.
The fresh funding, Lim added, will be used to accelerate the startup’s growth in Malaysia and Indonesia and to launch its service in Thailand and the Philippines.
Part of the funds will be used to strengthen security modules on the blockchain further and improve on corporate governance.
Commenting on the investment Sirius founder and managing director Eugene Wong said blockchain technology would become the future trend as regulatory landscapes in Southeast Asian countries and even China become more encouraging.
“As technology evolves and money becomes digitalized, the world will demand a newer level of efficiency and transparency that will lead to the widespread adoption of blockchain technology,” Wong said.
He added that ShuttleOne’s vision of benefitting MSMEs is closely aligned with Sirius’ direction of enabling businesses. Moving forward, Sirius’ portfolio of foodtech startups will also explore using ShuttleOne’s financial solutions.