CapBay, a Malaysian multi-bank provide chain finance and peer-to-peer financing platform, introduced at present it has raised US$20 million in Sequence A spherical.
The recent funding comes from returning backer Singapore-based KK Fund and several other Malaysian angel traders with experience in finance, expertise and rising startup firms.
As per a press word, CapBay goals to make use of the funds to additional strengthen its technological and funding capabilities. It’ll allow extra environment friendly financing and market enlargement as a way to attain a wider vary of traders and underserved small and medium-sized enterprises (SMEs), it claimed.
Launched in 2016, CapBay makes use of current commerce information and relationships to facilitate inclusive enterprise financing. Via its propriety credit-decisioning mannequin, companies can get hold of short-term financing whereas banks and traders can take part in financing offers.
Additionally Learn: Why P2P lending might be the top of banking as we all know it
CapBay mentioned it has funded MYR 100 million (US$24.7 million) throughout 500 funding notes on its P2P platform since its launch in March 2020. Its provide chain finance arm has facilitated greater than MYR 800 million (US$198 million) throughout 10,000 transactions masking SMEs.
CapBay has expanded funding alternatives for P2P traders on its platform by way of varied strategic partnerships.
The Malaysian agency was chosen to be a part of nationwide telco Telekom Malaysia’s Vendor Financing Programme in September 2020. This allowed P2P traders on Capbay’s platform to take a position alongside institutional traders in a safer asset class backed by the federal government and company receivables.
CapBay additionally just lately entered a three way partnership with Kenanga Funding Financial institution by buying a 49 per cent stake in Kenanga Capital Islamic to create Malaysia’s first Islamic provide chain finance fintech.
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Picture Credit score: CapBay
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