PayPal is doubling down on efforts to nurture startups from Singapore and South-east Asia. with plans to incubate 10 early-stage fintech startups from the region through PayPal Incubator in 2019,
PayPal’s target of 10 startups for the next year is twice the yearly average number of startups it has supported in the last two years.
Since its inception, PayPal Incubator has run two incubation programmes and nurtured nine startups, which works out to about five startups each year.
“We want to empower more of these emerging and ambitious players with the necessary tools that will advance their development, and ultimately foster collaborations and connections that contribute towards a more vibrant innovation ecosystem in Singapore and South-east Asia,” said Jerry Tso, director of PayPal’s Singapore Development Centre.
As part of the programme, PayPal will provide startups with co-working space in its Suntec City office, structured learning conducted by fintech industry leaders, mentorship from PayPal executives, and access to funding through PayPal’s network and venture capital connections.
The nine startups backed by PayPal have reportedly raised more than US$100 million in venture capital between them. They include digital insurance app PolicyPal, cryptocurrency payment platform TenX and invoice financing company InvoiceInterchange.
Founded in 1998, PayPal is today a listed company on Nasdaq with a share price of about US$85 and market cap of over US$100 billion.