Fintech power moves: Incomlend acquires LC Lite, Oobit raises US$25M, MediConCen nets US$6.85M

This week’s fintech headlines showcase major acquisitions, investments, and funding rounds shaping the global financial landscape.

Incomlend acquires LC Lite

Singapore-based global invoice financing marketplace Incomlend acquired LC Lite, a specialised Web3-powered trade finance marketplace, for an undisclosed amount.

The merger will empower Incomlend to operate through a new fintech platform, reaching crypto and fiat investors through trade finance as it looks to accelerate its expansion in the Middle East. The deal will also enable the fintech firm to bring a fresh offering of Web3 technology to its platform, creating a new asset class.

Investors will have access to both platforms, which will coexist and continue to offer their own standalone fintech solutions. The firm plans to expand the fintech platform to support stablecoins transactions in the future.

Oobit bags US$25M in Series A

Singapore-based crypto payment app Oobit concluded its US$25 million Series A investment round.

The backers in this round include the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.

The startup plans to use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia beyond its primary markets in the European Union and the UK.

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Oobit provides a gateway to spending cryptocurrencies in traditional commerce settings. Consumers pay with crypto, but merchants receive fiat money, like a typical credit card transaction.

MediConCen scores US$6.85M in Series A

Hong Kong-based MediConCen, a startup automating insurance claims using AI and blockchain, has raised US$6.85 million in its latest Series A round.

HSBC Asset Management led this round, with support from existing investors G&M Capital and ParticleX and new investor Wings Capital Ventures.

This brings MediConCen’s total raise to US$12.7 million.

The capital will be used to expand into the Middle East and Southeast Asia.

Doxa raises funding from Cento Ventures

Doxa Holdings, a Singapore-based fintech startup providing a digital procurement platform for the supply chain space, secured undisclosed funding from Cento Ventures.

The company plans to utilise the funds to expand into Malaysia.

Founded in 2019 by Edmund Ng, Leon Yeo, and Henry Kwan, Doxa helps connect and digitalise the workflow of buyers, suppliers, and financiers through its enterprise platform Doxa Connex. It also creates a single source of truth within a secure system architecture, enabling data authenticity and data analytics and helping buyers to trade seamlessly and financiers to assess and qualify financing.

Startup funding in SEA sees a 44% drop in Jan

Southeast Asian startups secured US$439 million in venture funding across 31 rounds in January 2024, a 43.65 per cent drop from December 2023 but a 107.1 per cent jump over January last year, according to a report by startup research platform Tracxn.

Of the 31 rounds, 17 were seed-stage deals and 13 early-stage ones.

Silicon Box topped the chart with a US$200 million investment, followed by Motorist (US$60 million), Sygnum (US$40 million), Be Group (US$31.2 million), and FlyORO (US$16 million).

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