CoAssets Limited (ASX:CA8), a crowdfunding and Fintech lending platform for businesses reported its financial and operating results for the half year ended 31 December 2017.
CoAssets operates a licensed, Singapore based crowdfunding platform as well as an online funding platform in China as part of a joint venture. According to their most recent report, CoAssets seeks to become the leading online financial platform in Asia and currently has over 433,000 registered investors from across Asia.
For the last 6 months of 2017, CoAssets is reporting:
- Total reported revenue increased by 471% from S$446,040 in 2016 to S$2,547,554 in 2017.
- Group’s profits in year 2017 was S$2,046,013, from a loss of S$3,899,325 in 2016. This increase in profits was due to business activities as well as investment gains.
- Operating expenses decreased from S$3,570,287 in 2016 to S$2,577,013 in 2017. This represents about S$1million or 28% in cost savings.
- Registered investor base reached 433,805 as at 31 December 2017. This represents an 88.17% increase from 30 June 2017.
CoAssets began as a real estate crowdfunding platform but has since morphed into a broader online marketplace. CoAssets became the first publicly traded crowdfunding platform when it listed its shares on the Australian Securities Exchange in the fall of 2016.