Singapore. Capital C Corporation recently announced that it obtained S$74 million in a round of funding. The fundraising exercise was participated by industry giants such as PhillipCapital, Citystate Group, Luminor Capital, Paradise Group, various family offices, and ultra-high-net-worth individuals.
“Citystate Group Pte. Ltd. invested SGD$2.25 million via a mix of debt and equity into Capital C’s digital auto financing arm, Capitall Auto, in November 2019,” shared Mr Leow Tze Wen, Group CEO of Citystate Capital Asia Pte Ltd and Group Managing Director of Citystate Group Pte Ltd., adding that they are confident that Capital C’s unique positioning will enable it to continue to expand and grow exponentially in the coming years through good leadership, digitisation and progressive market capture.
The fintech startup founded by brothers JJohn Cheow and Jeames Cheow is set to use the new fund injection to expand its lending capabilities, as well as improve its digital platform offerings to help provide a seamless experience to underserved communities in Singapore.
“Being the first institution to invest in Capital C in 2018, we are pleased to see the Company’s progress,” shared Dr F.K. Foo, Co-Owner of Luminor Capital.
The company’s services include SME Business loans, auto financing loans, and providing personal loans in Singapore. The startup also launched a Buy Now Pay Later (BNPL) service in Singapore called ChopNow to help merchants without a digital presence take advantage of the online platform to market their services and products so they can reach more customers.
Capital C’s target is to help people who are unable to get a credit card or bank loan due to low or lack of credit scores. They also provide financial backing to newly founded small businesses that have not established financing track records yet.
“Capital C bridges the gap for them by developing a range of financial services that are tailor-made to fulfil the needs of these individuals and businesses, helping them realise the full potential of their business,” stated the company’s announcement.
Since Capital C started, the company has released more than 260,000 loans in the country, and it expects a compounded annual growth rate of 132% between 2021 and 2025.
Moreover, they have also earned various accolades such as the Singapore Fastest Growing Company Award (revenue growth), and the Singapore Prestige Brand Award in recognition of its business and service to the financially underserved.
Capital C also has its eyes set on expanding to Malaysia and the Philippines, as well as into the wider ASEAN and Oceania regions. This expansion is set to be extremely beneficial considering over 70% of Southeast Asia’s population is financially underserved or unserved.
Most people who do not have bank accounts are in debt and only transact in cash, therefore making it even harder for them to build a credit history. In turn, this would make it more challenging for them to obtain loans when they need financing to start or expand a business. Capital C would give these people access to formal yet accessible financial tools.
Image Source: Capital C Corporation