Malaysia: CapBay, a Malaysian multi-bank supply chain finance, and peer-to-peer financing platform announced today it has raised US$20 million in Series A round.
The fresh investment comes from returning backer Singapore-based KK Fund and several Malaysian angel investors with expertise in finance, technology, and growing startup companies.
As per a press note, CapBay aims to use the funds to further strengthen its technological and funding capabilities. It will enable more efficient financing and market expansion in order to reach a wider range of investors and underserved small and medium-sized enterprises (SMEs), it claimed.
Launched in 2016, CapBay uses existing trade data and relationships to facilitate inclusive business financing. Through its propriety credit-decisioning model, businesses can obtain short-term financing while banks and investors can participate in financing deals.
CapBay said it has funded MYR 100 million (US$24.7 million) across 500 investment notes on its P2P platform since its launch in March 2020. Its supply chain finance arm has facilitated more than MYR 800 million (US$198 million) across 10,000 transactions covering SMEs.