CapBay, a Malaysian P2P supply chain financing platform, announced that it has raised US$ 20 million in its Series A round.
The funding comes from existing investor KK Fund, a Singapore-based venture capital firm that invests in startups across Southeast Asia with a strong foothold in Malaysia since 2015. CapBay had previously secured close to US$ 500,000 during a seed funding round led by KK Fund in 2017.
Other Malaysian investors include several angel investors with expertise in finance, technology and growing startup companies.
CapBay said that the funding will enable more efficient financing and market expansion in order to reach a wide range of investors and underserved small and medium-sized enterprises (SMEs).
In December 2020, CapBay announced that it had provided RM 100 million in funding across 500 investment notes on its P2P platform since its launch in March 2020. To date, CapBay reported that it has facilitated more than RM 800 million across 10,000 transactions covering SMEs.
The company also expanded investment opportunities for P2P investors on its platform through its strategic partnerships with top institutions. CapBay became the first and only fintech company selected to be part of national telecommunications company Telekom Malaysia Bhd’s (TM) Vendor Financing Programme known as PERINTIS in September 2020.
The strategic partnerships between top institutions and CapBay allowed P2P investors to invest alongside institutional investors in a safer asset class backed by the government and corporate receivables.
Recently, CapBay entered a joint venture with Kenanga to create Malaysia’s first Islamic Supply Chain Finance fintech. CapBay invests into developing the Shariah-compliant supply chain finance market through the Kenanga Capital Islamic Sdn Bhd (KCI) acquisition.
Ang Xing Xian was appointed as CEO of KCI to grow the business and integrate with CapBay’s technology.
Featured image: Capbay Founders (from left) Edwin Tan, Dion Tan, Darrel Ang and Ang Xing Xian,
