Today’s edition also includes some new initiatives and updates from soCash and Tesla
TransferWise raises US$280M, will launch service in India
London-based international money transfer platform TransferWise today announced a US$280 million investment led by asset management giant Old Mutual Global Investors (OMGI) and Silicon Valley venture capital firm IVP.
Silicon Valley’s Sapphire Ventures, Japanese company Mitsui & Co, and US-Japan venture firm World Innovation Lab, together with existing investors Richard Branson, Andreessen Horowitz and Baillie Gifford, also participated in the current round.
Launched in 2011, to date the company has raised US$397 million.
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise claimed to have been profitable since 2017.
It has been focussing on expanding in the Asia Pacific market. It has launched its Borderless account in Australia and announced a hub office in Singapore, with satellite offices in Tokyo and Sydney.
The company plans to launch a service in India.
Lazada to launch online TV show in Thailand
Alibaba Group-backed e-commerce platform Lazada announced that it is going to launch “an interactive TV show” next week in Thailand, Bangkok Post reported.
Dubbed as a combination of entertainment, shopping, social media, and advertising, the TV show will debut on Channel 3 and Lazada TV on November 10, from 11PM to 12.30AM.
“We are the first e-commerce company to create the concept of TV interactive show to cater to the millennials as this consumer group is very unique, they want to be inspired and don’t like advertising,” explained Lazada Thailand CEO Alessandro Piscini.
After Thailand, the TV show is also set to be introduced in Indonesia.
Also Read: Captain’s Log, Nov 1: Korea launches nationwide blockchain-powered banking identification
soCash announces partnership with DBS Bank, POSB Bank
Singapore-based fintech startup soCash, which had just raised an undisclosed Series A funding round, today announced a new partnership with DBS Bank and POSB Bank that will enable the banks’ customers to order and withdraw cash from offline merchants through the soCash mobile app.
The funds will be automatically debited from DBS, POSB and Paylah! Account, and the service will be free for all DBS & POSB customers.
The new partnership follows a similar one with Standard Chartered Bank, which the company announced in September.
Participating merchants in the initiative include minimarts & convenience stores, along with chains such as SPH Buzz, U Stars and U Mart.
Tesla’s factory in China to begin production in three years
Following the announcement of its commitment for Chinese market, Tesla CEO Elon Musk revealed further details on the company’s car factory in the country on a Q3 results earnings call today, TechCrunch reported.
Musk stated that the factory will “roughly” start production in the next three years, and will serve the Chinese market and surrounding region. It will have the capacity to produce “at least a couple hundred thousand vehicles per year” or more.
He also stated that the factory will produce Model S and Model X, though it is primarily intended to build Model 3 and Model Y.
“It’s really the only way to make the vehicles affordable for China,” he said.
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Image Credit: Olga DeLawrence on Unsplash
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