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Local software company gets US$5m in funding

By Jimmy Yap , CNET on September 24, 1999 

 

Summary

E-commerce solutions provider Finesse Alliance has received US$5 million from venture capitalists Crimson Asia Capital.

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SINGAPORE--E-commerce solutions provider Finesse Alliance has received US$5 million from venture capitalists Crimson Asia Capital.

Finesse plans to use the money to spread its wings abroad and to develop its core product Cl@rity 2000.

The company has also appointed the former chief information officer at Standard Chartered Bank--David Brearley--as its executive vice president for Europe.

Chief executive Chak Kong Soon said the plan was to take the company public in 18 to 24 months.

Crimson Asia Capital Singapore executive director Yvonne Kwek said they invested in Finesse because they were very impressed with the product, technology, and team. "We talked to their customers, suppliers and partners. So far, everyone is full of praise. And they have a young vibrant team."

Finesse reported a turnover of S$10 million last year. The company makes financial services software which is used by banks around the region. Customers in Asia include Standard Chartered Bank, the Singapore branch of the Bank of Tokyo-Mitsubishi, Dah Sing Bank, Overseas Union Bank (OUB) and Keppel Tatlee bank.

The company helped OUB with its cellular phone alert service Mobile Buzz, and helped Keppel Tatlee with its online overdraft approval application. It also created Singapore Turf Club's 4-D pager alert service.

The company does most of its research and development work in Singapore. It spends about 15 percent of revenue on R&D now and plans to increase this to 25 percent in 18 months.

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