Singapore-based digital lender AsiaKredit raises funding from SIG Asia

Singapore-based fintech startup AsiaKredit has raised an undisclosed amount of funding from technology investment firm SIG Asia Investments, bringing its aggregate funding to $2.5 million since its launch in November 2017.

In a statement, the startup said the funds will be used for loan capital, to enhance its proprietary technology platform, underwriting, and collections infrastructure, as well as to develop new products.

AsiaKredit also added that the investment is a bridge round between pre-Series A and Series A. The startup had last raised $675,000 in a combined pre-Series A and seed funding round backed by Fintonia Group and FORUM.

Founded in 2017, AsiaKredit operates a consumer lending mobile application called pera247 in the Philippines, which provides unsecured small-ticket, short-term consumer loans for up to 90 days to the country’s underbanked population with no existing credit or collateral history.

The startup claims to have processed over 100,000 loan applications six months after its launch and is seeing over 100 per cent customer growth each month, with over 50 per cent of them being repeat customers. It is also looking to expand its service to other Southeast Asian markets.

“We are thrilled to have SIG on board. SIG has a proven track record in identifying winners in this space, having invested early in digital lenders that have later listed on NASDAQ and in companies at the forefront of alternative credit scoring in Asia.

“Although we currently focus on short-term loans on the higher end of the risk spectrum, we plan to move into longer duration, lower risk products such as personal instalment loans in the next six to 12 months,” said AsiaKredit co-founder and CEO Michael Singh.

Also Read:

Fintech startup AsiaKredit raises pre-Series A from Fintonia; launches in PH

Alibaba said to be likely suitor for Indonesian fintech startup Cermati

Malaysian fintech startup Jirnexu raises $11m in Series B

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.