Online lender IN Financial through its subsidiary Cash-IN-Asia has secured S$5 million (appr. $3.74 million) in capital via an investment round that was led by Singapore’s VC venture firm DeClout Ventures.
IN Financial is a Singapore-headquartered financing platform that’s enhanced by artificial intelligence (AI) and data analytics in order to serve micro, small and medium enterprises (MSMEs) in the APAC region. The platform has been developed to provide services to companies that may not have access to proper business financing solutions.
Cash-IN-Asia’s customers can complete the onboarding and application process within a few minutes. They are also able to get their business cash line approved within a few hours. Cash-IN-Asia is notably among the first few alternative financing firms based in Singapore to integrate with the city-state’s identity database through CorpPass and MyInfo. These types of integrations can provide improved data security and greater convenience to clients.
Eldwin Wong, CEO at IN Financial noted that the latest investment from DeClout Ventures is quite “timely” and strategic for the company’s business as they have the appropriate knowledge and expertise in Deep Tech solutions.
They also have the right “operational inroads” and network within the Southeast Asia region where Cash-IN-Asia intends to expand its business, Wong said. He added that his company is looking forward to “a strong and mutually rewarding partnership between both businesses.”
Lim Swee Yong, Head of DeClout Ventures, stated:
“The strategic investment in IN Financial allows us to collaborate on areas of technology and market access as it expands its geographical reach across ASEAN. It is also synergistic with our overall Fintech strategy to invest in digital lending platforms which aim to accelerate financial inclusion in the region.”
Cash-IN-Asia is reportedly working on expanding its business operations into Malaysian markets and the rest of the ASEAN region in the coming year.