Singapore-based and NSX-listed realty crowdfunding platform CoAssets, which recently registered as a corporate authorised representative of Melbourne Securities Corporation Ltd (MSC), is expanding its business operations, targeting the burgeoning Australian business and real estate crowdfunding market.
It will commence its business crowdfunding operations in June 2016, via its Australian subsidiary, in addition to real estate crowdfunding. While already positioned to assist the financing needs of Australian real estate projects through the Singapore platform, the Australian platform will allow Australian businesses to turn to Australian investors for their funding needs.
Commenting on this development, CEO and founder Getty Goh said,”As flagged back in November 2015, CoAssets sees its Australian operations as a key driver of future growth. The Company will now be operating its leading crowdfunding platform in 5 countries, targeting a combined population of 1.5bn+, and an addressable market estimated to be $100bn annually.”
Goh added, “The Australian Government has set a big focus on innovation with crowdfunding and P2P lending being a part of this, and following our record of accomplishment in different countries, now is the right time to expand our offering in Australia.”
According to CoAssets, Australian retail and sophisticated investors will be able to access debt-based investment opportunities through the platform, with registered able to view, research, and invest, in real estate or Small and Medium Enterprise (SME) debt instruments. Currently, CoAssets is exploring its first business crowdfunding project in Australia.
With the commencement of Australian operations the Company will commence operations in Australia, non-executive director Dan Smith will be appointed as an executive director and establish the Australian operations team in collaboration with the Singapore-based management.
With the aim of leveraging the vast user network to replicate CoAsset’s success abroad in Australia, the expansion will see CoAssets establish a footprint across five key markets: Singapore, China, Indonesia, Australia and Malaysia.
To date, CoAssets claims to maintains a registered user base recently in excess of 44,000 individuals, with strong organic growth and conversion of its user base. According to the firm, its marketing activities, coupled with the Company’s EPIC events and Crowdfunders magazine has aided in building traction and matches the demand for yield from investors.
Smith remarked: “We are really excited about growing our business here in Australia. We have a proven model, track record, and see significant potential in applying that same business model here in Australia. We are an alternative source of capital for Australian property developers and SMEs, and look forward to facilitating them with competitively priced capital in a timely fashion.”