Indonesia’s GoTo and TikTok have launched GoPay Later on Shop | Tokopedia, while Philippine-based insurtech startup Hive Health has announced a $6.5-million funding.
GoPay Later launches on Shop | Tokopedia
Indonesian tech giant GoTo and ByteDance’s TikTok have launched a Buy Now, Pay Later (BNPL) product called GoPay Later on Shop | Tokopedia, according to an announcement on Monday.
DealStreetAsia earlier reported that TikTok was testing new service offerings in Indonesia targeting major categories of leisure and food delivery as it continues to strengthen its presence in the market.
The new instalment payment feature on Shop | Tokopedia has a credit limit up to 10 million rupiah, determined by risk-based pricing. There is no minimum transaction requirement, and existing users of GoPay Later simply need to complete a data verification process through facial recognition to activate GoPay Later on Shop | Tokopedia.
Melissa Siska Juminto, President Director of Tokopedia and TikTok Ecommerce, said GoPay Later on Shop | Tokopedia will help provide flexible payment options to more merchants and small businesses.
The product also complements GoPay as a payment method on TikTok’s Shop | Tokopedia, providing users with a wider variety of financial services, added Hans Patuwo, GoTo’s Group COO.
Gentree, BEENEXT back Hive Health’s funding round
Philippine health insurance company Hive Health has announced raising $6.5 million in its pre-Series A funding round participated by Sy family-backed Gentree Fund and global venture investor BEENEXT.
The announcement on Monday confirms DealStreetAsia’s report last week based on the company’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The filings further show that Gentree contributed $3.2 million to the round, while BEENEXT invested $2 million.
According to the official announcement, the round was also backed by Y Combinator, The Graduate Syndicate, Amasia, Oak Drive Ventures, and a number of angel investors.
Hive Health was founded in 2021 by Harvard and Stanford graduates Camille Ang and Jiawen Tang in response to the challenges brought about by the COVID-19 pandemic. It provides digital health insurance plans to small and medium businesses.
