Retail in Asia


Singapore’s e-commerce checkout solution Arrow raises US$4.8 million in seed funding

Arrow, a Singapore-based eCommerce checkout solution announced on 26th April a US$4.8 million seed fundraise led by Sequoia Capital India and supported by Alpha JWC and Guillaume Pousaz’s Zinal Growth, as well as high-profile angel investors such as Ooi Huey Tyng (current board member at AIG and Maxis), Steve Vickers (Chief Operating Officer at Paysend), and Hassan Ahmed (Head of Southeast Asia at Coinbase). The funds will be used to accelerate Arrow’s mission to make it easier for consumers across Southeast Asia to buy online.

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Founded in 2021 by payment specialists Liat Beng Neo and Sebastian Roervig, Arrow’s solution helps merchants navigate Southeast Asia’s highly fragmented payments and sales channel landscape and create fast and frictionless online checkout experiences for consumers across the region.

Arrow offers a seamless mobile checkout for cards and alternate  payment methods like e-wallets, bank transfers and buy-now-pay-later, catering to the high  propensity of mobile-first shoppers across the region. The checkout-as-a-service solution can  be embedded across all digital shopping channels such as social media, chat, digital ads, print  media and e-commerce sites.  

In just 15 months since the launch, over 100 merchants across fashion, beauty, wellness and home decor are using Arrow and some are already seeing more than 20% increase in conversion rates.

“Our mission is to partner with merchants to create a fast and frictionless checkout experience  for consumers regardless of their location or the channel they are buying on,” said Liat Beng Neo, Co-Founder of Arrow. “In 2021, Asia suffered the world’s highest cart abandonment rates  with 74 percent of customers in APAC abandoning their carts due to clunky checkout processes. This  poses a huge problem, which often goes unaddressed by merchants. We’re here to change the consumer experience and help merchants  to increase their revenue by improving the checkout experience instead of only focusing on  areas like promo codes and performance marketing.” 

“The seed  funding raise is the start of a new chapter for Arrow. In support of our mission, we will be looking  to grow our team and establish ourselves on the ground in key markets within the SEA region to  ensure we are supporting consumers and merchants across this highly nuanced and fragmented  region,” said Sebastian Roervig, Co-Founder of Arrow.

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“About $25 to 30 billion of e-commerce GMV in Southeast Asia is transacted on direct-to-consumer  brand websites or on social platforms. Unlike on horizontal marketplaces, there is still a high  failure rate for payments on these transactions, due to a lack of sophisticated check-out and cart  conversion tools. This is the gap that Arrow is solving. The team at Sequoia Capital India are big  believers of this thesis, and are excited to back the Arrow team to crack open this large  opportunity,” said Aakash Kapoor, Vice President, Sequoia India.