Fintech startup GDP secures US$1M in seed funding, providing cross-border services for SMEs
Singapore-headquartered fintech startup GDP Inc. received over US$1 million in its seed fundraising round from angel investors.
The company was co-founded by Amos Huang, COO; Weili Liu, Head of Legal, and Victor Wu, CEO.
Huang previously founded Viscovery in 2013, an Artificial Intelligence company based in Taiwan, and Liu is a renowned attorney at LCC Partners Law office. CEO Wu has a digital marketing background and founded VPon Big Data Group in 2008, Asia’s Big Data ad technology company with offices all over the region.
“Traditional methods provide inefficient cross-border services with expensive fees, long transaction times, unfavorable exchange rates, and even transparency issues. Using the power of Blockchain, Artificial Intelligence, Big Data analysis, and social innovation, GDP developed two flagship solutions: PEZZAPay and PEZZALoan,” explained Wu.
PEZZAPay is a P2P cross-border payment platform that matches users in the Philippines with helpers in Japan and China tasked to execute the desired payment on behalf of the user.
PEZZALoan is a P2P financing platform that aims to provide fast, easy, and secure business loans for SMEs by offering attractive returns for smart investors willing to lend directly to these businesses. It is currently in the early testing phase with established SMEs beta users in Taiwan.
So far, GDP has already established offices in five locations (Singapore, The Philippines, Taiwan, Japan, Estonia) and soon to be in Hong Kong and China.
The startup has also invested in its operations compliance efforts by applying to +7 licenses in the region including Crypto, Money Service Operations, and E-Money licenses.
The startup said that it plans to grow its user pool and its transaction cash flow in the upcoming months, as it prepares for a Series A fundraising in early 2020.