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500 Southeast Asia

Durians Daily #70: Singapore’s TradeGecko gets acquired by US-based Intuit; Grab launches micro-investment product and consumer loan platform; StoreHub works with UOB to help F&B businesses cut costs

Done deal

  • California-based Intuit has acquired 500-backed TradeGecko, a Singapore-based SaaS company that develops online inventory and order management solutions for small businesses.
Credit: Jumpstart Mag
  • As a result, TradeGecko’s inventory and order management technologies will be absorbed into QuickBooks, Intuit’s accounting software connecting over 7 million small businesses worldwide.
  • TradeGecko, which is located in Singapore and works with clients in over 100 nations, was started in 2012 by CEO Cameron Priest and CTO Bradley Priest.
Credit: TradeGecko
  • The company’s co-founders will become part of Intuit and will help with key aspects in “product and team integration,” according to the announcement.
  • “Integrating TradeGecko’s robust inventory and order management system with QuickBooks’ suite of financial, payment, reporting and accounting tools will help product sellers run and grow their business, all in one powerful platform,” Cameron says.

Fintech expansion

  • 500-backed ride-hailing giant Grab is embedding itself deep into the fintech industry with the announcement of new consumer-centered financial services.
  • Under its Grab Financial Group umbrella, the products include a micro-investment solution, third-party loan platform, and ‘buy-now-pay-later’ solutions for e-commerce websites.
Credit: Grab
  • “Consumer loans would be offered by our partner banks via a platform provided by us on the Grab app,” said Reuben Lai, senior managing director at Grab’s financial business, as quoted by the New York Times.
  • The micro-investment platform, called AutoInvest, allows users in Singapore to invest as they spend through transactions on Grab. Users can choose how much they want to invest per Grab transaction, from as low as SG$1, earning returns of an estimated 1.8% per annum, which can then be cashed out directly to their GrabPay accounts.
  • The products will expand to Malaysia at a later date.
  • To know more, head over to Grab’s official website.

Offering a helping hand

  • F&B businesses are in the process of recovering from the lockdown measures created by the Covid-19 pandemic. The road to recovery has been difficult for many business owners, and the partnership between UOB Malaysia and 500-backed StoreHub may just offer the assistance they need to tide through this period.
  • UOB Malaysia will subsidize its customers’ monthly subscription to StoreHub’s operating system for up to six months so that they can tap this consumer demand.
  • The subsequent subscription fee will be 20% lower than the package’s prevailing subscription rates, according to reports.
Credit: The Star
  • Entrepreneurs can also leverage on Beep Delivery, Storehub’s very own food delivery service. Unlike most third-party providers, F&B businesses just need to add to their own website or social media accounts a customized link from Beep Delivery that their customers can click on to order food online.
  • For more information on the partnership, visit here to find out more.

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Durians family of funds. The 500 Durians funds have backed over 200 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.

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500 Southeast Asia

500 Southeast Asia

500 Southeast Asia is an early-stage VC firm; The company has backed over 250 companies across multiple sectors from internet to consumer to deep technology.