Supply chain fintech TASConnect snaps up Solv Malaysia and Solv Vietnam
Supply chain financing platform TASConnect is set to acquire the Vietnamese and Malaysian subsidiaries of Solv, an online marketplace for micro, small and medium-sized enterprises (MSMEs) based in India.
TASConnect acquires Solv’s Malaysia and Vietnam subsidiaries
TASConnect says the deal to buy Solv Malaysia has already been completed, while the purchase of Solv Vietnam is ongoing. Solv Malaysia will now be rebranded to TASConnect Malaysia, while a similar initiative for Solv Vietnam remains “under review”. Financial terms of the deals have not been disclosed.
Singapore-based TASConnect, which was developed and launched by Standard Chartered’s fintech investment arm SC Ventures in 2022, provides a software-as-a-service (SaaS) platform built to help firms “expand their scale and scope of supply chain financing without incurring high capital expenditure on IT or human resources”.
Its offering aims to enhance efficiencies in accounts payable and receivable financing programmes, increase access to working capital sources and automate complex workflows.
The company says it will leverage its latest purchases – which were both also previously incubated by SC Ventures – to “deepen its value chain financing offerings in digital distribution and supplier financing solutions” and “accelerate its go-to-market in Malaysia and Vietnam”, which it describes as “key ASEAN markets”.
Kingshuk Ghoshal, co-founder and CEO of TASConnect, says that SC Ventures, as a common shareholder, “helped identify the potential to leverage the emerging Solv ventures in Malaysia and Vietnam to accelerate our geographic expansion into the two countries”.
