Participated · Equity · Sep 2024

Drip Capital is a global digital trade finance and B2B e-commerce company focused on simplifying cross-border transactions for small and mid-sized enterprises (SMBs). Its flagship Buyer Finance program pays suppliers directly and gives importers collateral-free credit lines of up to US$5 million, repayable in up to 120 days. By doing so, the company targets the US$2 trillion trade-finance gap that disproportionately restricts SMBs. Drip operates through a fully digital platform and says it is already financing the supply chains behind millions of North American purchases. The firm is now concentrating on accelerating its footprint in the United States and Canada. To support this push, it recently secured a substantial credit facility from TD Bank and continues to work with other global lending partners such as Barclays, the International Finance Corporation, and East West Bank.

Participated · Series B · Dec 2023

Enpay provides cashless collection and payment solutions for education and childcare institutions via its products enpay, koufuri+ and the recently launched enpay wallet. enpay launched in 2020 and koufuri+ began service in 2023; enpay wallet lets users make payments that also support facilities and children. The company reports cumulative GMV since service launch has exceeded ¥10 billion and its services are used by nurseries, kindergartens, schools and multiple municipalities including Okayama City. Enpay donates a portion of payment flows primarily to child-support activities and is registered as a third‑party prepaid payment instrument issuer and member of industry associations. With the new funding the company plans to invest mainly in product development and organizational expansion to create new markets and address industry challenges.

Participated · Series A · Jul 2023

Bureau is a San Francisco-based provider of a platform for businesses to verify customer identities and prevent fraud during online transactions. Its platform removes risk and blocks fraud concurrently by spotting abuse, monitoring transactions and enabling seamless identity verification. Led by founder and CEO Ranjan Reddy, the system has verified more than 600 million identities on behalf of over 150 customers. The company raised $30M in a Series B round led by Sorenson Capital, with participation from PayPal Ventures, Commerce Ventures, GMO Venture Partners and Village Global. Bureau intends to use the funds to expand operations and accelerate product development. Bureau builds an identity verification platform that maps digital persons and physical identities, tokenizing them behind mobile numbers to help companies prevent fraud and meet compliance. Its technology combines document verification, OCR, facematch, biometric checks, government database and AML checks, device and IP signals, and link analysis to assess identity risk. The platform is used across banking, fintech, insurance, the gig economy and real‑money gaming to detect mule accounts, synthetic IDs, account takeover, and to expand lending to new‑to‑credit customers. Bureau says it verified 300 million identities through its platform and grew customer and revenue numbers 6x over the past 12 months. It will use the new funding to invest in data and AI capabilities to automate decisioning and to expand coverage from 20 to more than 100 markets. Bureau positions itself as not being a data broker, sharing decisions rather than consumer data as part of its tokenized privacy architecture. Bureau offers a frictionless identity verification and fraud protection platform delivered via a single API to automate onboarding decisions and process insured users and transactions. The product focuses on end-to-end customer onboarding and fraud prevention for mobile-first enterprises. Bureau is ISO 27001:2013 certified and counts customers across fintech and financial services, including Jupiter Money, Goibibo, Aditya Birla Capital, ICICI Prudential, India Gold, and PhonePe. The company plans to use new funding to enhance its products and expand its footprint in India and South‑East Asia. It also intends to double down on capabilities such as account takeover prevention, transaction monitoring, and solutions for return-to-origin (RTO) and chargebacks use cases. Bureau was founded in 2020 by Reddy.

Participated · Equity · Sep 2016

Boku enables mobile payments by using carrier billing so consumers can charge purchases directly to their mobile phone accounts rather than using credit cards or bank accounts. Its integration requires a simple SMS handshake to confirm the device being charged. The company processes hundreds of millions of dollars in transactions across roughly 55–60 countries, with largest markets including the U.K., Germany, Japan, and Taiwan. Boku positions itself as a component of a broader payments ecosystem rather than a direct competitor to mobile wallets. Management says U.S. adoption is not essential to the business, and Boku expects growth from global on-demand services and digital-content purchases. The company is approaching profitability. BOKU operates a carrier-billing and mobile-payments platform used for virtual goods and expanding into physical goods and mobile wallet services. The company works in 66 countries, supports 40 currencies, and has deals with more than 250 carriers covering some 3.2 billion consumers. BOKU processes hundreds of millions of dollars in mobile payments, though it does not disclose exact revenue figures. The new funding will be used to build products beyond virtual goods, including an NFC payments system announced with MasterCard to enable physical‑goods purchases. BOKU is also extending a partnership with Telefonica to become the preferred payment provider for Telefonica’s forthcoming mobile wallet and to enhance carrier billing services. The company continues to serve large platforms such as Facebook and to work with multiple carriers (Telefonica and Vodafone among them). Boku provides mobile micropayments that let users make purchases by entering their cell phone number, replying to a text, and having charges billed to their monthly carrier bill. The company rebranded its consumer platform as Paymo while retaining the Boku name for merchants and acquired competitors Paymo and Mobillcash in June. Boku's service extends to 58 countries and 190 carriers and it has developed mobile payment relationships with over 1,000 game and app developers, including powering payments for Playdom and Playfish. The startup announced 12 new partnerships with online game developers in the past month and is adding carriers in countries such as Brazil and Argentina. Boku faces high carrier fees—previously reported in the range of about 10% to 50%—and is negotiating with carriers to reduce those fees in parts of Europe and beyond. The company intends to use new funding to accelerate international growth and expand product offerings. As of the Series C, Boku has raised $38 million since launching in June. BOKU provides a carrier-billing system that lets users make micropayments without credit cards or bank accounts by entering a phone number and confirming via SMS. The company has expanded its footprint through acquisitions of Paymo and Mobillcash, gaining access to Paymo’s presence in 45 markets and a combined global reach of 53 countries. BOKU has secured partnerships with major mobile carriers (including past Paymo deals with AT&T, T‑Mobile and Virgin Mobile) and intends to launch services on platforms such as hi5, Puzzle Pirates, Aeria Games, Facebook and MySpace apps. Its service targets purchases of virtual goods and games on social networks and mobile applications. BOKU’s growth is constrained by carrier fees, which it reports can range from 10% to 50% of the purchase price — a potential long-term obstacle to margins. The company recently completed a significant funding round to support expansion and integration of acquired assets.