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Former Grab executive raises $2m for fintech startup

Spenmo looks to expand from Singapore into Indonesia before April

Mohandass Kalaichelvan was hit with the idea for Spenmo as an executive at Grab, where he began to learn of problems merchants face in financial accounting and applying for loans.   © Reuters

SINGAPORE -- Fintech platform Spenmo has raised $2 million in seed funding from Y Combinator, Rocket Internet, Iterative Capital and angel investors from XA Network, formerly known as Xoogler Angels.

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