On Tuesday, CoAssets (NSX code: CAX), a Singapore-based crowdfunding platform, announced it has appointed ex-chief artillery officer, Lawrence Lim, as its new COO. The COO appointment comes less than a week after CoAssets announced its expansion in Australia.
Speaking about the appointment, which will go into effect May 4th, Lim stated:
“I have worked with Getty before and what ultimately made me join CoAssets is the fact that as a company, they are breaking new grounds in the crowdfunding and financial technology space. What makes it interesting is that CoAssets is creating a new industry with focus not just on Singapore but also the region as well.
“Leveraging on my past work experiences, I see myself contributing effectively to CoAssets’ growth. CoAssets is the leader in the crowdfunding business and financial technology space, and there is a lot that I can learn by working with the amazing people in this company.”
Getty Goh, CEO and founder of CoAssets, commented:
“Given our proven track record with real estate crowdfunding, and the growing demand for business loans in Singapore, we decided to extend our platform to the SME sector. We are an alternative source of capital for property developers and SMEs, both in Singapore and abroad, and look forward in facilitating their search for competitively priced capital in a timely fashion.
“As flagged in November 2015, CoAssets sees its Australian operations as a key driver of future growth. The Company will now be operating its leading crowdfunding platform in 5 countries, targeting a combined population of 1.5bn+, and an addressable market estimated to be US$100bn annually. The Australian Government has set a big focus on financial innovation, including crowdfunding, and given our success throughout the region, the time is right for us to expand our offering in Australia.
“The timing of the Australian platform launch coincides with another key milestone, as the registered user base recently passed 44,000. We also recently announced our results from the first 6 months and we are pleased to note that at S$1.9m, revenue has jumped by more than 367% from a year ago. Successful marketing activities, coupled with the Company’s EPIC events and Crowdfunders magazine has ensured that the demand for capital via CoAssets matches the demand for yield from investors. We are encouraged by the results and this will set the stage for our transition onto the Australian main board sometime this year.”
To date, CoAssets has done deals amounting to more than S$44million.