The next big thing: Philippine startups make it to Forbes Asia’s 100 to Watch

MANILA, Philippines — Three Philippine startups – a neobank, a financial management platform and a logistics services provider – are seen as the next big thing in the Asia-Pacific region.

Forbes Asia’s 100 to Watch, a list which showcases small companies and startups on the rise across the region, has included Filipino startups Lista, Mober and Zed in this year’s edition.

Forbes Asia said companies from 16 countries and territories operating in 10 industries are represented.

The firms included in the list vary in their offerings, ranging from AI navigation systems for space exploration, cutting-edge cell therapies, advanced healthcare diagnostics, as well as fintechs addressing the needs of the unbanked and retailers using digital channels to tap a new generation of consumers.

India, which is regarded as a hotbed of startups, recorded the most number of companies at 20, followed by Singapore with 15 firms on the list, mainland China with 10, Japan with nine and Indonesia with eight.

To make it to the list, companies had to be headquartered in the Asia-Pacific region, be privately owned for-profit ventures, and have no more than $50 million in annual revenue and no more than $100 million in total funding through Aug. 7.

The firms are weighed on various factors such as impact on and contribution to their industry and region, market fit, promising business model, innovation, track record of consistent revenue growth and the ability to attract funding.

Among the Philippine companies that made it to the list is Lista, an app that helps individuals and small businesses manage their finances.

Lista’s analytics tool tracks spending habits and cash flow as well as alerts users to upcoming bills.

According to Forbes, Lista has raised over $5 million in funding, with its app downloaded more than 2.5 million times.

Mober, meanwhile, helps businesses to meet their sustainability goals in last-mile delivery through its fleet of electric vehicles (EVs). It started in 2015 and was initially designed to help small and medium-sized enterprises solve their on-demand logistical needs.

The company has grown to become a business-to-business platform facilitating sustainable delivery for some of the country’s retail giants.

Mober’s goal is to acquire 238 EV units by 2025 and have at least 400 EV units in operation by 2027.

Zed, on its part, became the first neobank in the Philippines to offer a credit card after securing a license from the Bangko Sentral ng Pilipinas.

Instead of charging interest or annual fees, Zed will collect a share of network fees that merchants pay with each purchase.

Zed earlier raised $6 million in seed funding from Peter Thiel’s Valar Ventures as well as founders and operators from Nubank, Mercury, Cred and Square.

Rana Wehbe Watson, editorial director/special projects at Forbes Asia, said startups included in the fourth annual Forbes Asia 100 To Watch list have collectively drawn over $2 billion in total funding to date.

Of these, 83 companies have raised capital since the start of 2023.

“This influx of investment was driven by their innovations, spanning some of the world’s hottest industries such as spacetech, biotech and robotics. Their ambition and achievements thus far paint a positive picture for the future of Asia-Pacific’s startup ecosystem,” Watson said.