In updates from the crowdfunding space, two of Crowdo’s ECF offers have surpassed their capital raising targets while CoAssets has secured a capital markets license from the Monetary Authority of Singapore.
Crowdo offers surpass fundraising target
Malaysia-based regional fintech startup Crowdo reported that two of its Equity Crowdfunding (ECF) offers – MNP Auctioneers (MNP) and Goody Technologies – surpassed their funding targets.
MNP closed its ECF offer with 118 per cent target achievement or $82,593 (354,000 RM). It is a pioneer Malaysian E-LIVE auction solution provider that is endorsed by Bank Negara Malaysia. Its auction-related services cover pre-sales to marketing.
Goody Technologies, meanwhile, is a local Chinese lifestyle website, which has already raised $69,994 (300,000 RM) or 200 per cent of its target even though it has yet to reach its deadline on Saturday (June 24).
Besides its ECF offerings, Crowdo also provides peer-to-business lending and other financing solutions. The fintech firm was established in 2013 and now claims to have more than 34,000 members globally with operations in Malaysia, Singapore and Indonesia.
Crowdo co-founder and CEO Leo Shimada said the ECF market has successfully gone through its proof of concept stage and is now ready to scale.
Crowdo currently has two other ECF offers in exclusive or preview mode, the Shogun2u (S2U), and Bake2Play. The former offers food and grocery delivery to more than 50,000 members in the Klang Valley, while the latter is a onestop solution centre for everyday hunger games.
CoAssets secures CMS license from MAS
The platform targets small and medium-sized enterprises (SMEs) and property developers looking to raise between S$100,000 and S$5 million in funds. In June 2016, the MAS announced that crowdfunding platforms dealing with debt and equity required a licence to operate.
CoAssets submitted its application in December 2016. With the firm securing the license, it can re-engage with its 55,000 users in Singapore.
Chief executive and co-founder Getty Goh said, “Since MAS announced in June 2016 that crowdfunding must be licensed, the CoAssets team has been working hard behind the scenes to apply for the CMS licence in Singapore, while expanding our presence in (mainland) China and Hong Kong. It is not an easy licence to get as the Singapore authorities are very thorough in the vetting process.”
According to Goh, a new website and mobile apps are under development and will be launched in July.