SINGAPORE (27 JANUARY 2016) – Singapore’s financial technology startup Jewel Paymentech announced today that it has raised over S$1.5M as part of Series A funding, led by Tuas Capital Partners Pte Ltd. The round also saw participation from institutional and private investors, including Singapore-based investment partnership 8capita.
The funds will be used to expand Jewel Paymentech’s team of developers, data scientists and business development managers to support its growing client portfolio across Asia. It will also be used to roll out cutting-edge solutions to tackle complex challenges in the payments world.
Jewel Paymentech provides intelligent solutions to help banks and payment facilitators conduct merchant due diligence and manage transaction fraud risks using predictive analytics. It also offers automated solutions to large merchants such as marketplaces, to identify illegal and counterfeit goods as part of their KYC process.
“Our vision is to make the e-payments ecosystem safer, not just for consumers and merchants, but also for merchant acquirers who are often those who bear the brunt of the problem,” said Sean Lam, founder and CEO of Jewel. Sean was formerly the Director of Fraud and Security Risk at Visa covering the Southeast Asia markets, and was also with PwC as a security and technology consultant.
Syed Haizam Jamalullail, one of the shareholders of Tuas Capital Partners Pte Ltd, said that, “Jewel’s impressive technology roadmap addresses many risk issues that are often overlooked by the e-payments industry. Jewel represents one of the first investments in a portfolio of FinTech strategies to complement our existing financial services partnerships and leverage on the network and experience of the investment team.” The other shareholders of the Singapore-based investment vehicle comprise of financial professionals with an average of 15 years of combined experience and cross-Asia regional expertise.
8capita is headquartered in Singapore, and looks to fund executable ideas and exceptional talent. The investment partnership invests in Internet and mobile companies globally.
Founded in 2014, Jewel has since received numerous accolades for its One Sentry® risk management solution, and was named by SWIFT as one of the most promising FinTech companies in Asia. Jewel Paymentech was a recipient of the ACE startup grant awarded by SPRING Singapore.