Singapore: CredoLab raises over $1m in pre-Series A round led by Fintonia Group

Image: CredoLab website

CredoLab, a Singapore-based digital credit risk management firm, has secured more than $1 million in pre-series A funding round led by Fintonia Group, the company announced on Tuesday.

The company said that it had received twice the amount of capital it originally sought to raise. A consortium of regional institutional investors including Indonesia’s Reliance Modal Ventura also participated in the round.

“The strong investor interest from this fundraising round is a market validation of our product and our growth vision. By addressing the huge market demand for financing in emerging markets, CredoLab is seizing a leadership position in advancing credit access and filling the void created by the banking infrastructure and logistical challenges in the developing world,” said CredoLab co-founder and CEO Peter Barcak.

The firm, he said, will use the proceeds to develop financial technology products and solutions that could help it extend its clients’ reach to serve the underbanked population in Asia’s emerging markets such as Indonesia, the Philippines, Malaysia, Thailand, Vietnam and Myanmar.

Founded last year, CredoLab claims it has rapidly expanded its customer base to more than 10 financial institutions in multiple markets in Asia and now plans to double customer portfolio in the next six months.

The firm said that it expects to generate more than a million credit scores and reach profitability by this year end, only nine months after its product launch.

As part of the fundraising, Fintonia Group chairman and CEO Adrian Chng has joined CredoLab’s Board of Directors. Chng was formerly CEO of JobsDB, who led the job portal into an A$1 billion merger with JobStreet.

“Through investing in CredoLab and other financial technology and data analytics companies, we aim to build a holistic ecosystem for financial technology that advances financial inclusion for underserved consumers and businesses in emerging markets across Southeast Asia,” Chng added.

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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.