18 - 08 - 2015 |
SINGAPORE-based Capital Match Holdings Pte Ltd, which operates a peer-to-peer online lending platform, said it has raised S$1 million (about US$713,000) in its Series A round of venture financing.
The round was led by Innosight Ventures and included previous investors Crystal Horse Investments and CE-Tech Invest.
The funds will be used for product development, marketing and sales activities, the company said in a statement.
Along with the Series A investment, Innosight Ventures' partner Pete Bonee is joining the board of directors at Capital Match.
"Capital Match has identified an opportunity to solve a big market inefficiency with an innovative technology solution," Bonee said.
"We are also very impressed with the team. I am looking forward to supporting them and being part of this great company," he added.
Through the Capital Match platform, small and medium enterprises (SMEs) can access growth and working capital in the form of business loans from investors who are looking for attractive rates of return, the company said in its statement.
The platform enables investors to view loan requests along with professional credit assessment of each loan. They select the loans in which they want to participate.
As loans are made, the platform provides end-to-end services including payment processing, debt collection and reporting.
"The peer-to-peer lending model has been taking off around the world," said Capital Match founder and chief executive officer Pawel Kuznicki.
"We are thrilled to be bringing this model to Singapore and serving the needs of SMEs in this dynamic economy.
"We are also pleased to get the endorsement and support of a great set of investors in this Series-A round," he added.
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