MoneySave Completes P2P Crowdfunding in 95 Seconds for Malaysian Online GrocerNovember 19, 2020 0 comments
MoneySave, a local peer to peer (P2P) crowdfunding platform, announced that they have achieved what they claim to be the fastest Malaysian P2P crowdfunding for Potboy, a homegrown online groceries platform. The record was achieved in 95 seconds, starting from the time the investment note was hosted online to a 100% subscription.
“It only took 15 investors to fully subscribe the RM180,640.00 investment note offered by Potboy on MoneySave’s P2P crowdfunding platform on 3rd November 2020. This is a testament of the speed and power of crowdfunding on our platform.
Our investors are very proud to crowdfunding a rising star in the digital grocery space such as Potboy and look forward to crowdfunding 40,000 SMEs the next 5 years”,
said Vincent Soh, CEO of MoneySave.
The Securities Commission Malaysia (SC) announced at its virtual SCxSC fintech conference in October 2020 that more than 2,500 Micro, Small and Medium Enterprises (MSMEs) have raised more than RM1 billion through the regulated crowdfunding markets of the Malaysian capital market.
For SMEs, MoneySave would be an alternative source of finance compared to SME loans, factoring, equity fundraising in Bursa Malaysia, private equity, and venture capital.
For investors, MoneySave’s investment notes are targeted to yield between 6%-12% p.a. for short tenures of 1 to 4 months to assist the SMEs with their short-term working capital. They consider themselves an alternative investment compared to fixed deposits with banks, bonds or sukuks, mutual funds, unit trusts, private equities, and stock investments in Bursa Malaysia.
“Potboy Group is delighted to be crowdfunded by MoneySave and possibly setting a world record at the same time. We are humbled by the support and trust given by MoneySave’s investors and look forward to becoming Malaysia’s leading online grocer”,
said Potboy’s CEO, Eddie Chew.
““It only took 15 investors to fully subscribe the RM180,640.00 investment note offered by Potboy on MoneySave’s P2P crowdfunding platform on 3rd November 2020. This note was highly sought after as it returns 12.25% p.a. and would be repaid in 2 monthly instalments to the investors. This is a testament to the speed and power of crowdfunding on our platform.” Soh added.
Moving forward from their successful campaign with PotBoy, MoneySave is targeting to crowdfund the suppliers and contractors of Malaysian ministries, agencies and government-linked companies (GLCs) as well as companies such as Telekom Malaysia, Tenaga Nasional, Sime Darby, Maybank, Petronas, Axiata, Maxis, Public Bank and other top 100 Bursa companies.
Moneysave said that it is aspiring to be the top P2P Crowdfunding Platform in Malaysia and Asia specialising in the supply chain financing of trade invoices where issuers or Small Medium Enterprises (SMEs) come to Moneysave’s platform to seek financing by selling their trade invoices, trade receivables or trade payables at a margin of up to 85% of the invoice value. For example, an invoice value of RM100k can be funded up to RM85k. The tenure of funding is short term between 30-180 days only.
MoneySave plans to expand its business to Indonesia and other ASEAN countries in the next 3 years and has submitted to the Securities Commission of Malaysia to be a shariah-compliant P2P crowdfunding platform by December 2020.