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Justin Yek and Jon Stona have joined the Australia-headquartered firm in Singapore, from Morgan Stanley and Stripe, respectively.
The firm continues to deploy the $100 million raised in October last year to support growth plans, product expansions and hiring.
The new round brings the payments firm’s total raised to over $900 million, as it eyes further expansion into Southeast Asia.
The payments firm will be waiving fees for new accounts and transfers, to give SMEs respite as Hong Kong eases tough Covid-19 restrictions.
The partnership will allow Choco Up to offer an integrated finance solution covering cross-border payments, collections and growth funding.
Timo raised fresh funds in a $20 million round led by Square Peg Capital, which has backed several other regional fintech and payments players.