SMEs in every industry, including supply chain operations, require funding to grow. It can be difficult to do this, though, as supply chain financing is typically regarded as riskier because there is less information and equipment available to determine creditworthiness.
A Singapore-based fintech company called Doxa Holdings aims to solve this problem by offering a digital procurement platform for a variety of industries, including the supply chain. Recently, Cento Ventures made a new investment in it for an undisclosed sum and stage.
This round comes after a 2022 pre-series A round that raised US $2.2 million.
The procurement process is automated by Doxa’s platform, which also tracks and analyzes transaction data to provide credit-scoring data points. On its website, it lists clients in the real estate development and construction industries as well.
Doxa’s co-founder and CEO, Edmund Ng, stated that the company wants to grow into new markets and clientele groups. The company said in a statement that it plans to work with an undisclosed financial institution to enter Malaysia.
It has teamed up with UOB, and Visa in Singapore to provide contractors with payment options. Doxa has also joined the Indonesian market, albeit it hasn’t disclosed the specifics. The customer is in the healthcare sector.
