Malaysian Multi-Bank Supply Chain Finance and Peer-to-Peer Financing (“P2P”) platform, CapBay, has raised US$20 million in its Series A round.
The funding comes from returning backer KK Fund, a Singapore-based venture capital firm that invests in startups across Southeast Asia after a strong foothold in Malaysia since 2015. Malaysian investors with expertise in finance, technology and growing startups also participated in this funding round.
This fund 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) as well as further strengthen CapBay’s technological and funding capabilities.
This fintech company has achieved a key milestone by funding RM 100 million across 500 investment notes on its P2P platform in December since its launch in March 2020, being the fastest fintech to hit RM100 million in P2P financing. 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 giant 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.