Singapore based SmartFunding has received S$700,000 (about USD$ 500,000) in seed funding. The round was led by Fintech Asia Group, part of listed venture firm Fatfish Internet Group (ASX: FFG).
The “peer to business” platform was set up to bridge the financing gap for SMEs to sell their yet to be paid invoices to investors. Individuals may earn between 1.7% to 2.5% a month in interest. Annualizing this, investors may generate returns of 20% to 30%.
The Singapore economy, like many countries, is driven by SMEs. These small businesses, that number around 180,000, contribute about half of Singapore’s GDP and 70% of the c0untry’s jobs.
Sandra Ernst, CEO of SmartFunding said;
“At SmartFunding, we want Singapore’s SMEs to benefit from a flexible way to improve their cash flow. We look forward to working closely with our invoice sellers and investors to ensure our platform is aligned with the interests of both parties where risks are credibly managed and transparency is upheld.”
The platform is operational today and accepting investors.
