In order to improve the financial management of small and medium-sized businesses (SMEs), the Malaysian fintech firm Swipey has obtained funding from 1337 Ventures.
The investment is a component of Swipey’s larger fundraising plan, which will allow the company to advance its goal of providing smooth, automated, and user-friendly financial tools and processes, the company said in a Thursday statement.
Swipey claimed that with 1337 Ventures’ support, the company is well-positioned for future expansion and innovation in the fintech space, guaranteeing that Malaysian SMEs have the resources they need for efficient financial management.
“With the support we’ve received from 1337 Ventures, we’ve been able to advance our platform and continue automating financial processes for Malaysian businesses,” said Kalyana ‘Mohan’ Teagarajan, Chief Executive Officer and Co-founder of Swipey,
“This funding has already played a key role in enabling us to empower businesses to manage their finances more efficiently, allowing them to focus on scaling faster,
“This gives us the needed momentum as we gear towards pre-series A fund raise to build the products our customers need,” he added.
According to Swipey, the company is redefining contemporary digital enterprises to use a finance operational platform for financial management.
It claimed that by providing unified banking and Fin-Ops solutions, it enables companies to cut expenses, spend more wisely, and concentrate on growing their success.
Innovative capabilities like corporate Visa cards, both virtual and physical, digital accounts payable for vendor and other operations expenses, and a spend management dashboard that offers real-time actionable information are all integrated into Swipey’s platform.
Businesses can close their accounts five times faster because to the firm’s automation of receipt capture, accounting connection, and merchant control.
Additionally, it gives more than 2,000 companies the ability to improve their financial processes, from big enterprises like Maxis and government organizations like MyDIGITAL to local names like Zus, Baskin Robbins, and BFM.
In order to further improve its service offerings to SMEs, Swipey has partnered strategically with a number of government organizations, including Malaysia Debt Ventures Bhd (MDV), which is tasked with improving governance and visibility into grants awarded.
“Supporting innovative startups like Swipey is crucial for the growth and sustainability of Malaysia’s startup ecosystem,
“Swipey’s solution is addressing a pressing need in the market, and we’re excited to help them scale and make a meaningful impact in the fintech space,” said Bikesh Lakhmichand, Chief Executive Officer and Founding Partner of 1337 Ventures.
The goal of the 1337 Accelerator Fund I is to close the financial gap that Malaysian early-stage entrepreneurs confront.
The fund, which is run by 1337 Ventures in collaboration with seasoned angel investor Asgari Stephens and former JobStreet COO Suresh Thiru, is committed to fostering creative solutions in a range of sectors.
According to the statement, Swipey demonstrates this goal by tackling important issues in SME financial management.
This investment follows Swipey’s victory at Bank Negara Malaysia’s MyFintech Week.
In 2024, 1337 Ventures introduced the 1337 Capital Fund 1 as part of its continuation to support creative founders.
1337 Ventures is a Malaysian venture capital firm that was founded in 2012 and makes investments in pre-seed and seed-stage businesses.
