Singapore-based CrediLinq, a credit underwriting company, has secured US $2.6 million in a fundraising round that was co-led by 1982 Ventures, White Venture Capital, and 500 Global.
Deep Singh founded CrediLinq in 2021, which employs data-driven algorithms, AI, and machine learning to produce credit ratings for SMEs. Using this technology, the company provides two items.
B2B PayLater is the first option, which enables providers to be paid instantly by buyers. As a result, sellers are paid immediately, and buyers have access to credit terms for buying merchandise, encouraging bigger purchases and fostering consumer loyalty. The client’s e-commerce platform enables them to check their credit health in real-time.
The second method is GMV Financing, which enables vendors to extend credit to their B2B clients. Using transaction and credit history research, users of CrediLinq’s proprietary software may quickly ascertain their clients’ ideal lending amount, which would otherwise take weeks or months.
CrediLinq will use the money from this round of financing to expand into new areas, improve its products, and recruit additional personnel to help with its expanding business.
With a compound annual growth rate of 25.9%, the global market for software-as-a-service is expected to reach US $720.4 billion by 2028.
