Fewcents, a Singapore-based fintech startup, announced on 05th May 2021 that it secured USD 1.6 Million in the seed funding round. The funding round was led by M Ventures Partners and Hustle Fund.
The round also had the participation of angel investors from top fintech, media companies, and adtech: Kenneth Bishop (Former managing director of Southeast Asia Facebook), Koh Boon Hwee (former chairman of DBS Bank), Francesco Alberti (former APAC regional sales director for Bloomberg Media Distribution) Shiv Chaudhary (partner and managing), Pratik Majumdar (Dentsu managing director), Saurabh Mital (Mission Holding Chairman and founder) and Nitesh Kripalani (former director and country head of Amazon Video India).
This startup enables publishers to have “micropayments” for every single piece of content. The content to monetise can be anything like articles, podcasts and video. The firm accepts 50 different currencies and focuses on serving as a complementary stream of income to subscriptions and advertisements.
About the company –
This fintech startup, Fewcents was started by Abhishek Dadoo and Dushyant Khare in August 2020. Abhishek Dadoo has experience of how startups work as he had his startup in the past. His previous startup was an online-to-online attribution platform named Shoffr. Later on, in 2019, it was acquired by Affle.
On the other hand, Dushyant Khare has worked at Google as a strategic partnership director in SE Asia and India. They both mentioned that while starting Fewcents, they needed to solve three main problems.
First, they had to develop an omnipresent platform, as the visitors are not going to sign up on every new site they visit. Second, the platform needed to accept overseas payments in local currencies using a digital wallet. Third, by letting publishers manage how much time one visitor can access the content.
Investors
M Ventures Partners –
South-East Asia based M Ventures Partners is a VC firm that focuses on early-stage startups and gets into partnerships with the most innovative and inventive startups. It was founded in 2019. Till now, they have invested six times in funding rounds.
Hustle Funds –
Hustle Funds is a VC fund that focuses on investing in potential startups in their seed s and early stages. It was founded by Elizabeth Yin and Eric Bahn in 2017 based in CA, United States. Till now, they have a total number of 66 investments. Some of the latest investment done by the firm are Fintor, Target Docs, and Fewcents.
Words from the Founders –
“Based on the supply-demand curve within each geography, we retroactively change the price to get the best revenue results. However, as we develop our AI algorithms, the intent is to dynamically suggest the pricing depending on the geography and the semantics of the content.” – Dadoo said.
“By unbundling content, Fewcents can also provide deeper data than pageviews, helping them understand the preferences of specific markets and user segments, and develop customised “micro-bundles. Fewcent’s goal is to be able to automatically recommend customised content bundles for each user.” – Khare said.
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