Malaysia based mostly P2P Provide Chain Financing Platform, CapBay, Secures $20M with KK Fund as Returning Investor

Malaysia-based CapBay, a peer to look (P2P) provide chain financing platform, has reportedly acquired $20 million in capital by way of its Collection A spherical.

CapBay’s funding spherical noticed contributions from current investor KK Fund, a Singapore-headquartered VC agency that makes investments in startups or early-stage initiatives throughout the Southeast Asia area with a robust presence in Malaysia over the previous few years. CapBay had beforehand acquired almost $500,000 in funding throughout a seed spherical that was led by KK Fund again in 2017.

Different Malaysia-based buyers in CapBay’s spherical embrace a number of angel buyers with expertise in finance, tech, and early-stage or startup ventures.

CapBay said that the funds raised can be used to allow extra environment friendly financing and for the platform’s market growth in order that it might attain extra buyers and underserved SMEs.

Final month, CapBay had revealed that it supplied RM 100 million (appr. $24.7 million) in capital throughout 500 funding notes by way of its P2P platform since launching operations again in March 2020. CapBay confirmed that it has facilitated over RM 800 million (appr. $197.eight million) throughout 10,000 completely different transactions masking small companies.

CapBay can be increasing funding alternatives for peer to look buyers on its platform by way of its partnerships with varied establishments. The platform reportedly grew to become the primary and solely Fintech resolution supplier to be chosen to be a part of nationwide telecommunications agency Telekom Malaysia Bhd’s (TM) Vendor Financing Program, known as PERINTIS, in September 2020.

The partnerships between main establishments and CapBay will enable P2P buyers to make investments alongside institutional buyers in a comparatively safer asset class that’s backed by company receivables and the federal government.

CapBay has additionally teamed up with Kenanga to launch the very first Islamic provide chain finance Fintech platform in Malaysia. CapBay has additionally invested within the Shariah-compliant provide chain finance sector by way of the Kenanga Capital Islamic Sdn Bhd (KCI) acquisition.

Ang Xing Xian is now serving because the Chief Government of KCI. He will likely be targeted on additional increasing the enterprise and integrating with CapBay’s expertise.

As lined in December 2020, CapBay had reported offering almost $25 million in financing since March 2020.

CapBay is notably part of the second group of P2P license recipients in Malaysia (in 2019). The primary batch of licensed platforms had been introduced in November 2016.

Wong Jian Eu, CapBay’s Head of P2P, famous that his group is sort of happy to realize the milestone, particularly throughout these unprecedented occasions. Wong added that his staff has achieved effectively in a difficult surroundings – which signifies that they’re fairly able to offering sustainable development choices for his or her SME purchasers and buyers. He additionally talked about that CapBay stays targeted on offering “high-quality” investments for his or her platform buyers.