Integra Partners hosted our annual Investor Day on September 15, 2025. We had the pleasure of welcoming our investors, founders and partners to the event’s seventh run, where we shared our views on the investment landscape in Southeast Asia today, heard from the founders who have joined our portfolio this year, and debated the rapid adoption of stablecoins and its contribution to financial inclusion.

Fund Updates and Outlook for 2026

Integra’s general partner, Chris, opened the event with an update on the progress across our two funds, and what we expect to see ahead in 2026.

Chris Kaptein, General Partner of Integra Partners

Integra Partners Fund Updates

Integra Partners was launched with a focus on early-stage companies solving meaningful problems through technology and financial services across Southeast Asia, with a secondary focus on South Asia. We believe that technology and financial services can help unlock greater monetization, creating more profitable and sustainable business models. Over the past four years, we have invested in 36 early-stage companies that validate this thesis across five key sectors, including SME enablement, digital finance, healthcare, climate and environment, and agriculture and food.

Our existing Fund II portfolio companies have displayed resilience amidst a depressed funding environment—average quarterly EBITDA burn declined by 67% year on year, supported by strong growth in average revenue, which grew by 1.6x year on year. Several of our portfolio companies have also achieved significant milestones:

• Naluri, a digital chronic disease management platform and EAP provider, closed a $5M Series B round led by Telus Global Ventures to expand into the Philippines and Vietnam. Since we invested, the average size of customer contracts has increased 5x and gross profit margins have improved to 70%+—aided by the judicious embedding of AI into its backend operations, boosting coaching efficiency and supporting ARR growth.
• Elfie, a global chronic patient solution, raised an $11M Series A led by White Star Capital, and now serves over 1M users across 30+ countries.
• ProCredit, a tech-enabled SME lender in the Philippines, introduced several product developments, including a proprietary bank statement scraper and integrations with the Banker’s Association NFIS system. Funding cost has also decreased by 5 percentage points since we invested, reflecting ProCredit’s strong risk controls.

In 2025, Fund II welcomed four new investments—FeedMe, GoRocky, Kozystay, and Flow—expanding our investments in the Philippines and Indonesia.

In the same period, our Fund I portfolio companies have continued to deliver strong performance while also entering a later stage of maturity. Average LTM revenue grew 1.9x year on year, with average LTM EBITDA expanding by 4.1x. Fund I remains a top-quartile performer among 2017 vintage peers.

At the firm level, we continue to strengthen our investment process and governance practices. This year, Integra published a whistleblower policy template in partnership with Steward Redqueen, reinforcing our commitment to best-in-class due diligence and portfolio management. The policy template was also contributed to the Singapore Venture & Private Capital Association’s Maturation Map, which provides guidance on how startups, investors, and boards can lift governance standards in Southeast Asian private markets.

Looking Ahead to 2026

Over the past two years, Southeast Asia’s start-up ecosystem has experienced muted activity, with both available dry powder and deal flow declining. The number of funding rounds closed by SEA startups fell by 51% year on year, while capital raised by SEA-based VC funds dropped 75% year on year, reflecting a substantial slowdown and easing of competitive pressure for investors with capital to deploy.

Source: DealStreet Asia, Tech in Asia

Our findings also indicate early signs of market-wide price corrections—a survey on VC investor sentiments in Preqin’s H1 2025 report showcases how VC asset prices appear to have stabilized over the years:

Source: Preqin H1 2025 Report

In light of this, our priorities for the year ahead are clear: to continue active deployment and provide hands-on operational support for Fund II portfolio companies, while driving exit realizations from Fund I investments.

Panel: Will stablecoins be the killer app for financial inclusion?

Left to right: Jinesh Patel (Managing Partner at Integra Partners); Milind Sanghavi (Founder and CEO of xWeave); Rilly Chen (Venture Partner at Integra Partners)

Stablecoin issuance has soared past $290B, boosted by regulatory support like the 2025 GENIUS Act in the U.S. However, less than 10% of stablecoin transfers are real-world payments; most activity remains confined to crypto exchanges. This raises the question: can stablecoins truly drive financial inclusion?

Against this backdrop, our managing partner Jinesh hosted a thought-provoking conversation with Milind, founder and CEO of xWeave, a payments orchestrator for stablecoin flows, alongside Rilly Chen, Integra’s venture partner and former China country manager at Wise. Together, they discussed the opportunities and risks behind the rapid rise of stablecoins.

Stablecoins hold enormous potential for growth, but is the hype premature?

$290B sounds like an impressive number, but Wise, Western Union, and Remitly—leaders in traditional remittances—move a combined estimated ~$383B in annual payment volumes as of FY24 (Sources: Wise, Western Union, Remitly), a scale that took them over a decade to build. Additionally, the panelists note that adoption isn’t just about volume; but is also influenced by other factors such as compliance, token-level KYC, and the declining cost of fiat payments. Scale brings advantages—for example, incumbents like Wise no longer need to pre-fund transfers (i.e., holding cash in destination accounts before payout), thus unlocking cash flow and easing working capital constraints that still burden most smaller remittance players, including those building on stablecoin rails.

Arguing for the potential of stablecoins to be the next breakthrough in banking and payments, Milind pointed out that stablecoin infrastructure eliminates multiple intermediaries such as correspondent banks and payment processors, significantly reducing transaction costs for end-users. As a result, stablecoins are also a game changer for the underbanked—anyone with a smartphone and internet access can hold and transact on stablecoin rails, even without a bank account. He also drew on his previous experiences at PayPal to point out that many underestimated its potential at the onset—yet today, PayPal has become an indispensable force.

Is the regulatory clarity surrounding stablecoin issuance the watershed moment for stablecoins?

Although improved regulation is encouraging, the panelists remain cautious about stablecoins’ readiness for widespread use. For example, Tether—despite USDT comprising over 65% of stablecoin volumes—has launched USAT to meet strict GENIUS Act requirements like onshore custody and real-time audits. Since USDT doesn’t meet these standards, USAT will likely serve U.S. markets, while USDT will likely focus on international users.

What will be the major drivers and use cases for stablecoins, and are there any bottlenecks today that prevent its adoption?

The panelists highlighted several growth opportunities for stablecoins. One major area is the $13T Eurodollar market, where stablecoins—enabled by the GENIUS Act—can provide safer, more direct access to U.S. dollar liquidity by allowing issuers to hold reserves at the Federal Reserve, reducing counterparty and intermediary risks tied to offshore banks.

Milind argued that infrastructure will be another driver. The company he founded, xWeave, acts as an orchestration layer—plugging into multiple exchanges and platforms to identify the cheapest, fastest and most efficient stablecoin transfer routes in real time.

Rilly pointed out that treasury solutions using stablecoins are also gaining traction, especially among smaller remittance firms, though the cost of moving funds between fiat and stablecoins remains a hurdle.

Finally, user-friendly products—like Felix Pago, which offers cross-border transfers via WhatsApp using USDC—can help onboard and educate retail users. Felix Pago’s partnerships and WhatsApp integration have fueled rapid user growth, reaching 500 million users across LatAm and the U.S.

Concluding thoughts

Ultimately, stablecoins sit at a crossroads: the infrastructure is advancing, regulatory clarity is emerging, and early use cases are proving out. Yet the gap between speculation-driven volumes and real-world utility remains wide. The next phase of growth will depend less on hype and more on execution: building reliable rails, lowering on- and off-ramp costs, and proving out everyday use cases. If these challenges can be met, stablecoins may not just complement existing payment systems, but redefine them altogether.

Founder Presentations

We invited the founders of our new portfolio companies—Squall from FeedMe, Joaqui from GoRocky, and Frans and Dane from Kozystay—to introduce their companies, share their progress and future expansion plans.

Squall Tan, CEO and Co-Founder of FeedMe

FeedMe is a Malaysia-based, full-stack point of sale (PoS) solution offering a one-stop restaurant management platform for F&B merchants across the region. While the PoS market in SEA is highly competitive, FeedMe’s vertical focus, customer-centric product expansion, and disciplined go-to-market strategy serve as key differentiators—at the time of investment, ARR had grown by 65% year on year on the back of secured contracts with several name-brand F&B chains.

Joaqui Palaña, CCO and Co-Founder of GoRocky

GoRocky is a Philippines-based, digital health platform aiming to become a vertically integrated chronic care provider in SEA, focusing on men’s health and expanding into other chronic illnesses such as diabetes. Our conviction was built on the founders’ proven execution capabilities, the company’s impressive growth trajectory (having fulfilled thousands of orders within just 9 months of inception), and GoRocky’s position as an early mover in a large and underserved market.

Dane Putranto, CEO and Co-Founder of Kozystay

Frans Winarto, CCO and Co-Founder of Kozystay

Kozystay is one of the largest property managers in the Indonesian short-term rental space, enabling better rental yields for property owners and addressing the growing demand for high quality stays. Kozystay’s strong track record of acquiring, retrofitting, and marketing rental units is a testament to its team’s ambitions. To date, it has crossed over 500 units under management nationwide. Their innovative use of vacant apartments not only meets the needs of modern travelers but also promotes sustainability by reducing urban sprawl and minimizing carbon emissions.

We sincerely thank our investors, founders, and friends for contributing to the success of this event. We look forward to welcoming you at our next Investor Day in 2026.

More photos from Integra Partners Investor Day 2025 can be found here.