Tinvio, a Singaporean B2B transactions platform that helps merchants manage orders, invoices, and payments with suppliers, announced that it has raised $12 million in a Series A round of funding led by Taiwanese startup accelerator AppWorks. The company plans to use its fresh capital to invest in creating new financial services and building out its B2B transactions platform.

The round was also participated by a number of returning global investors such as Sequoia Capital India-backed Surge, Paris-based global venture capital firm Partech, and Berlin-based Global Founders Capital. It also included Japanese corporate VC firm MUFG Innovation Partners, which brings the startup’s total raised funding to $18.5 million.

Tinvio was founded in July 2019 by CEO Ajay Gopal. Since then, the company claims that it has grown its client base to over 5,000 businesses across Singapore, Indonesia, Thailand, and other markets in the region.

With its Series A fund, the startup that began with giving B2B users a streamlined platform to communicate and consolidate orders will now delve further into fintech and plans to launch additional financial services, such as financing and credit card issuing. Tinvio recently introduced digital payments collection and reconciliation features on its platform. After launching a “super dirty pilot” in Indonesia, the company decided to include the new feature in its core product. The platform currently supports payment options such as credit cards, direct debits, and automated bank transfers. All are integrated with regional payment gateways.

“It’s only been live for a couple of months, but we’ve already gotten so much feedback from our users and we’re sprinting to unlock new capabilities such as real-time payments and credit,” said Gopal.

In the few months that it has introduced the new feature, 95 percent of suppliers on Tinvio have been using the new feature to collect payments from their partner merchants.

“Tinvio’s focus on modernizing B2B trade with a seamless user experience has seen it onboard and digitalize thousands of merchant and supplier teams without disrupting their daily routines or procurement workflows. Despite COVID-19, we still see great growth momentum, led by increasing network effects, leaving Tinvio well positioned to dominate this category,” Jessica Liu, AppWorks Ventures Managing Partner, said of the funding.