Singapore-based financial technology (fintech) startup Few¢ents has raised $1.6 million in seed funding from a host of venture capital firms and angel investors who have seen the potential of its proprietary pay-per-content solution.
The startup, co-founded in 2020 by Abhishek Dadoo and Dushyant Khare, allows digital publishers and website managers to unbundle and monetize premium content, including videos, articles, and podcasts. The pay-per-content service sits on the publishers’ sites.
Few¢ents added that its platform allows publishers to monetize their global audience reach because the solution accepts 50 currencies from around the world.
By unbundling premium content, publishers are able to increase their monetization, especially from users who prefer to pay for a single content instead of signing up for a monthly subscription.
“In recent times, users are willing to pay for quality content more than ever. However, users won’t subscribe everywhere and hence willingness to commit to monthly subscriptions hovers between 1% – 5% of active users for any single publisher,” said co-founder and CEO Abhishek Dadoo.
Quality content, he added, is getting more and more fragmented and hence users seek a simpler way to micro-pay across publishers, especially in their local currency.
Few¢ents is currently working with a variety of publishers and media platforms across Asia and Europe, including India’s leading vernacular dailies Sakal and Dainik Jagran – that have a readership of over 10 million and 55 million respectively – Indonesian technology news platform DailySocial.
The seed funding round attracted venture capital firms, including M Venture Funds and Hustle Funds, and a host of angel investors such as Koh Boon Hwee (former Chairman of DBS Bank), Kenneth Bishop (former Managing Director, Southeast Asia, Facebook), Jeremy Butteriss (Partnerships, Stripe), Shiv Choudhury (Partner and Managing Director, the Boston Consulting Group), Francesco Alberti (former APAC Regional Sales Director, Bloomberg Media Distribution), among others.
“Few¢ents offers an exciting promise of transforming revenue generation for the digital media industry globally. It provides users the ability to micro-pay for valuable content while giving publishers a much-needed incremental revenue stream,” said Joachim Ackermann, director and operating partner at M Venture Partners.