CapBay, a peer-to-peer (P2P) provide chain financing platform based mostly in Malaysia, has raised $20 million in its Collection A funding spherical.
This follows on from its approx. $500,000 seed funding in 2017, led by Singapore-based KK Discover, which additionally was the lead investor in CapBay’s newest spherical. Different contributors had been angel traders.
CapBay says it “facilitates inclusive enterprise financing, utilizing current commerce information and relationship”. It gives short-term financing to “companies of all sizes” by its “proprietary credit-decisioning mannequin”.
CapBay unveiled its P2P platform in March 2020 and so far, it has supplied MYR 100 million ($24.8 million) in funding throughout 500 funding notes. It has additionally facilitated MYR 800 ($198 million) throughout 10,000 transactions masking SMEs since its launch in 2017 (generally known as CapitalBay on the time).
Final 12 months, it turned “the primary and solely” fintech firm to have partnered with nationwide telco Telekom Malaysia (TM) – alongside 14 monetary establishments and banks – to launch the TM vendor financing programme, Perintis. This partnership allowed P2P traders to speculate alongside institutional ones in an asset class backed by the federal government and company receivables.
Extra not too long ago, CapBay acquired a 49% stake in native agency Kenanga Capital Islamic (KCI), with the view to arrange a fintech three way partnership targeted on Shari’ah-compliant provide chain finance.
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