JAKARTA (TheInsiderStories) – Indonesia’s venture capital firm Alpha JWC Ventures has announced to join with global technology platform and digital payments leader PayPal Holdings, Inc. (NASDAQ: PYPL) to invest up to US$5.0 million in participants of PayPal Incubator, a FinTech (financial technology) startup incubation program in Southeast Asia.
Launched in 2016, PayPal Incubator program offers participating startups the opportunity to operate in a specially designed co-working space in PayPal Singapore’s Development Center. Participants receive coaching and mentorship from PayPal executives, participate in networking opportunities and gain valuable connections to outside funders.
It is the first FinTech incubation program in the Southeast Asia where startups sit side-by-side with the company’s staff, making PayPal’s business and engineering resources easily available to participants. Since its inception, the PayPal Incubator has nurtured six FinTech startups — Axinan , Chynge , InvoiceInterchange , Jumper.ai , PolicyPal and TenX.
Will Ongkowidjaja, Alpha JWC Ventures’ Co-Founder and Managing Partner said with the expertise in FinTech sector the company seeks to create value for the Southeast Asia FinTech ecosystem.
Through this collaboration, Alpha JWC can help nurture the future of FinTech industry and grow together with the region’s best FinTech entrepreneurs, while at the same time improving lives touched by these entrepreneurs’ business.
“We believe this collaboration enables us to get to know the best FinTech entrepreneurs in the region that operate with the same values as Alpha JWC and PayPal’s,” said Ongkowidjaja.
To receive the funding, applicants will go through a selection panel made up of Alpha JWC and PayPal senior executives in Singapore and San Jose. Startups that demonstrate potential in transforming cutting-edge ideas to create tangible impact will be offered a place in the PayPal Incubator and funding commensurate with their business needs.
Alpha JWC is an early stage investor with a $50 million fund. It’s currently raising a $100 million second fund to continue investing in Southeast Asia’s burgeoning market for FinTech and consumer businesses, according to Ongkowidjaja.
Startups it has backed include crowd-funding platform Funding Societies, automotive marketplace Carro, and OnlinePajak, which helps companies pay taxes online.
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