The Philippines-based PropTech startup AQWIRE has raised US$ 2.1M in a Series A funding round held in November 2020, led by Spiral Ventures. Other participants in the funding round include Gentree, PropertyGuru’s original investor Vulpes, Betatron Venture, and Steve Melhuish (co-founder of PropertyGuru). The startup is also expecting US$ 2M in venture loans to be utilized for float and security deposits.
Proceeds from the funding round will be utilized by the startup in the development of their products and enter new markets in the Philippines. CEO and Founder Ray Refundo was quoted to say, “We decided to raise less equity as the company has been profitable since 2019, generating US$ 1.7M in revenue”.
Founded in 2018, AQWIRE’s SaaS and payments platform enables local real estate developers and brokers to access foreign property investors. It also helps property buyers see properties overseas through its listing and mortgage loans platform. The startup solutions include AQWIRE Billing, AQWIRE Loans and AQWIRE Listing with the help of which it partners with overseas listing sites to provide payments processing, mortgage loans and cross-border property listing and management services, respectively. Ray Refundo stated about his startup that unlike most proptech companies which focus only on listing, AQWIRE also concentrates on mortgage loans and cross-border property management. It empowers real estate enterprises to receive payments from anywhere around the globe securely, efficiently and at the most reasonable rates. It goes beyond basic payment services and provides frequent billing, invoicing, customer dashboards and direct client website payments through API.
Some of AQWIRE’s clients comprise prominent real estate developers in the Philippines such as Ayala Land, AboitizLand, ALVEO, Megaworld and Vista Land. Refundo also claims that AQWIRE is all set to end the year with a 50 percent increase in yearly revenue and expects to increase this amount by 3 folds in 2021. The startup also expects to achieve US$ 1 Billion in yearly gross volume by 2023.
About Spiral Ventures
Spiral Ventures Asia (SVA) invests in startups that aim to solve social needs and create a new future in Southeast Asia and India. In addition to investment and pursuing financial returns, it also acts as a bridge for growing Asian startups to reach corporates, and enable market access and partnership among them to create greater value.
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