Helicap, a Singapore-based fintech platform operating in the alternative lending market in Southeast Asia and Australia, is planning to close a new round, targeting to raise from $5 million to $10 million, from a slew of investors, DealStreetAsia has learnt.
The fintech platform has already secured investment from early-stage tech investor Access VC as part of the ongoing round, we have learned. Helicap is currently in talks with other VCs and it is targeting to close the round by April, according to people aware of the development.
Declining to offer any comments on the development, Helicap said, it will officially announce the fundraising in the second quarter. Access VC declined to comment when contacted by us.
Helicap had, in 2018, raised $5 million in its pre-Series A funding round co-led by early-stage investor East Ventures and Singapore real estate conglomerate Soilbuild Group Holdings in 2018.
Prior to that, it had raised a sum of $1.5 million in seed funding from Teo Ser Luck, Singapore’s former minister of state for manpower, and from Nufin Data.
Helicap provides an alternative lending platform to fill the credit gaps faced by consumers and corporates currently underserved by traditional financial institutions.
In August 2019, Helicap had acquired securities firm Arcor Capital for an undisclosed sum. Singapore-based Arcor Capital, which specialises in private debt securities and growth capital for early-stage and mid-market enterprises in Asia, also holds a Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS).
Per the earlier announcement, Arcor Capital joined Helicap Investments, the group’s newly obtained fund management subsidiary. The unit was said to launch its first fund with a target AUM of S$200 million, to be raised from accredited investors, for investments in a portfolio of loans selected from alternative lending platforms operating in Asia.
Access Ventures’s most recent investment has been in Akseleran, an SME-focused lending platform in Indonesia that closed an oversubscribed $8.55 million Series A funding led by Beenext late last year.
Access Ventures, which typically invests in Vietnam, Indonesia, and South Korea, has backed Indonesian enterprise chatbot firm Kata.Ai; Vietnamese mobile payments firm Moca [which was sold to Grab]; robotics tech firm Ohmni Labs. Its investments in Korean firms include Skelter Labs, an AI lab building company, and, Reality Reflection, a photorealistic tech company.