PayPal Holdings and Alpha JWC Ventures announced today that Alpha JWC will invest up to US$5M in 2018 participants of PayPal Incubator, a FinTech startup incubation program in Southeast Asia.
Launched in 2016, the unique nine-month PayPal Incubator program offers participating startups the opportunity to operate in a specially designed co-working space in PayPal Singapore’s Development Center. Participants receive coaching and mentorship from PayPal executives, participate in networking opportunities and gain valuable connections to outside funders. It is the first FinTech incubation program in Southeast Asia where startups sit side-by-side with the company’s staff, making PayPal’s business and engineering resources easily available to participants. Since its inception, the PayPal Incubator has successfully nurtured six FinTech startups — Axinan, Chynge, InvoiceInterchange, Jumper.ai, PolicyPal and TenX.
“PayPal began as a startup and the entrepreneurial spirit is still deeply embedded in our DNA,” said Jerry Tso, GM for PayPal Singapore Development Center. “We understand mentorship and connections are key to help the startups grow and thrive, but more importantly, funding is crucial for startups to scale. We’re excited to collaborate with Alpha JWC to provide access to funding for our 2018 cohort. Alpha JWC’s strong track-record, deep expertise in FinTech, and their vision of investing in people, technology, and creating real impact make them an ideal partner.”
Alpha JWC has committed to invest in select PayPal Incubator participants in 2018 with up to $5 million in funding.
To receive the funding, applicants will go through a selection panel made up of Alpha JWC and PayPal senior executives in Singapore and San Jose. Startups that demonstrate potential in transforming cutting-edge ideas to create tangible impact will be offered a place in the PayPal Incubator and funding commensurate with their business needs.
For more information, visit https://www.paypal-innovationlab.com/incubator/.
