Finextra
Capital C Corporation, a Singapore-based financial services provider, bags SGD$74 Million in their recent fundraising exercise with PhillipCapital, Luminor Capital, Paradise Group, Citystate Group, various family offices and Ultra-High-Networth-Individuals.
The fresh injection of funds will serve to fuel their lending capabilities and expand their digital financial platform offerings to provide a seamless experience and also competitive credit rates to the underserved communities in Singapore.
Founded by two brothers, Jeames Cheow and JJohn Cheow in 2011, Capital C is a conglomerate that offers an ecosystem of curated financial services to change the conventional financing landscape – using its innovative loan origination methods, with a keen focus on the financially underserved. They pride themselves on leveraging the best-emerging technologies in the market to streamline and modernise their workflows to better serve their clients.
“Capital C came about after JJohn and I started a business in our early years, where we struggled to obtain loans as a relatively new and small business in the market. This inspired us to help those who find themselves caught in the same struggle. With our experience, we were able to venture into the financial sector, and started Capital C with one goal in mind – to develop and provide financial services for any individual or business seeking credit access, from all walks of life,” shared Jeames Cheow, Co-Founder of Capital C.
The financially underserved includes individuals who are unable to obtain a credit card or a bank loan due to low/lack of credit scores, and small businesses which are newly incorporated or have no financing track records. Capital C bridges that 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. In essence, Capital C offers the underserved community an opportunity to gradually build an alternative Credit Score – an outlier from traditional financial institutions, through its comprehensive suite of financing solutions.
Individual Financing
Integrated with DocuSign & MyInfo, customers who require personal loans in Singapore can get their loan approved on the digital loan platform in less than 8 minutes, anytime, anywhere.
The highly efficient and fully automated loan approval process is made possible by utilising proprietary algorithmic formulas in advanced predictive scoring credit methodologies.
Capitall (SME Financing)
Capitall empowers SMEs through various financing solutions, such as business loans in Singapore, working capital loans, payroll loans, expansion financing, and bridging loans.
Capital C understands that every minute is crucial to a business. From application to loan disbursement, everything is quickly approved and processed within 24 hours.
Capitall Auto (Vehicles Financing)
Capitall Auto Financial Services is a digital automotive financing platform, designed to provide car flooring, as well as in-house loans. The fuss-free In-house Loans / Hire Purchase enables individuals to purchase their dream cars and motorbikes within 24 hours via its digital platform integrated with Myinfo. The Vehicle Flooring Financing service helps auto dealers purchase more vehicles to put on display in their showroom. Being the first motorbike flooring provider, Capitall Auto has also seen a strong uptick in demand for motorbike flooring facilities.
“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. We 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,” shared Mr. Leow Tze Wen, Group CEO of Citystate Capital Asia Pte Ltd and Group Managing Director of Citystate Group Pte Ltd.
ChopNow – Buy Now Pay Later (BNPL) – Instalment Payment Option
The latest line of its financial offerings, Capital C, will be launching a unique buy now pay later (BNPL) solution which differs significantly from its peers.
With a specific focus on the financially underserved, Capital C provides a unique proposition – to provide an opportunity for anyone, including the underserved, to utilise Buy Now Pay Later (BNPL) solutions in Singapore. Furthermore, merchants without digital presence can leverage on the platform to market their products online to reach out to more customers. Naturally, merchants will also gain access to a unique target demographic – the financially underserved community.
Capital C will be sharing more information on ChopNow closer to its official launch later this year.
“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.
Looking beyond the horizon, Capital C is also expecting a forecasted compounded annual growth rate (CAGR) of 132% between 2021 and 2025. The Group has disbursed over 260,000 loans in Singapore, and has since been awarded the following accolades: Singapore Fastest Growing Company Award (revenue growth), and the Singapore Prestige Brand Award in recognition of its business and service to the financially underserved.
Beyond Singapore, Capital C plans to expand into the Philippines and Malaysia, where they are licensed to operate, and subsequently into the wider ASEAN and Oceania region.
Read the story at finextra.com