Philippine Fintech etaily Exceeds $24M in Funding

Company Overview - etaily, a digital-native retail platform based in the Philippines, has secured over $24 million in funding led by Japan's Sumitomo Mitsui Banking Corporation (SMBC) through its SMBC Asia Rising fund [1] - Founded in 2020 by Alexander Friedhoff, etaily has processed over 40 million orders across various platforms including Lazada, Shopee, TikTok Shop, and brand.com channels [5] Growth and Market Position - etaily was ranked as the third fastest growing company in the Asia-Pacific (APAC) region and the fastest growing in the Philippines by the Financial Times, standing out among 2000 peers [2] - The e-commerce market in Southeast Asia is projected to reach $230 billion in GMV by 2026, with the Philippines identified as the fastest-growing e-commerce market globally, expected to expand by 25% year-on-year in 2024 [4] Strategic Partnerships and Initiatives - etaily aims to build a multi-country cluster across Malaysia, Singapore, and beyond, enhancing brands' entry and scaling in Southeast Asia [3] - A partnership with WPP Media has been announced to strengthen etaily's retail and media capabilities, focusing on social commerce needs in the Philippines-Malaysia-Singapore cluster [3] Future Focus and Vision - The company is focusing on developments in social commerce and livestreaming, with plans to offer asset-light operations through fully controlled livestream studios [6] - SMBC's commitment to the Philippines and the region is highlighted, emphasizing the importance of strategic partnerships to enhance local commerce ecosystems [6]