Slidea Malaysian fintech startup, has secured funding from 1337 Ventures to strengthen the financial management of small and medium enterprises (SMEs).
Swipey said in a statement Wednesday that the investment is part of its broader financing plan that will allow the company to continue its mission of providing user-friendly, automated and transparent financial tools and processes.
With the support of 1337 Ventures, Swipey said the company is poised to continue its growth and innovation in the fintech sector, ensuring Malaysian SMEs have the necessary tools for effective financial management.
“Thanks to the support we received from 1337 Ventures, we were able to advance our platform and continue to automate financial processes for Malaysian businesses,” said Kalyana ‘Mohan’ Teagarajan, CEO and co-founder of Swipey,
“This funding has already played a key role in enabling us to empower businesses to manage their finances more effectively, allowing them to focus on faster growth.
“This gives us the momentum we need as we move towards a pre-Series A fundraising to build the products our customers need,” he added.
Swipey noted that the company is transforming modern digital businesses to manage their finances through a financial operations platform.
With innovative solutions designed to centralize and simplify, the company enables businesses to spend smarter, reduce costs and focus on improving their success with unified banking and Fin-Ops solutions.
Swipey’s platform integrates innovative tools, including a spend management dashboard that provides real-time actionable insights, corporate Visa cards (physical and virtual), and digital accounts payable for suppliers and other operating expenses.
By automating receipt entry, accounting integration and merchant monitoring, the company enables businesses to close their financial books 5x faster.
It also enables more than 2,000 businesses, from local names like Zus, Baskin Robbins and BFM, to large enterprises like Maxis and government agencies like MyDIGITAL, to improve their financial operations.
In addition to its robust platform, Swipey has also entered into strategic collaboration with various government agencies, including Malaysia Debt Ventures Bhd (MDV), a government agency focused on increasing governance and visibility of disbursed grants, thereby improving its service offerings to SMEs.
“Supporting innovative startups like Swipey is crucial for the growth and sustainability of Malaysia’s startup ecosystem,
“Swipey’s solution addresses a pressing market need, and we are excited to help them scale and make a meaningful impact in the fintech space,” said Bikesh Lakhmichand, CEO and founding partner of 1337 Ventures.
The 1337 Accelerator Fund I aims to bridge the funding gap faced by early-stage startups in Malaysia.
Managed by 1337 Ventures in partnership with seasoned angel investor Asgari Stephens and former JobStreet COO Suresh Thiru, the fund is dedicated to supporting innovative solutions across various sectors.
Swipey exemplifies this mission by addressing critical SME financial management challenges, the release said.
This investment follows the MyFintech week won by Swipey, organized by Bank Negara Malaysia.
As part of its ongoing commitment to nurturing innovative founders, 1337 Ventures recently launched 1337 Capital Fund 1 in 2024.
Established in 2012, 1337 Ventures is a Malaysian venture capital firm that invests in pre-seed and seed startups.
Through Leet Academy, the company has accelerated the growth of more than 4,000 startups from five different countries.
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