CoAssets, now operating as CA Funding, is shutting down according to a post on the company’s website. In the post, CoAssets stated:
“We regret to inform you that CA Funding Pte Ltd (CAFPL) is in the process of gradually winding down. For members who do not have any outstanding investments with us, your accounts will cease from 4 Jan 2021 onwards.”
As was reported this past week, CoAssets allegedly transferred USD $30 million to debt recovery firm Sunfits – a company that apparently viewed the assets as possibly unrecoverable.
CoAssets was an early operator in the securities crowdfunding sector initially focusing on Asian real estate and eventually migrating over to the peer-to-peer lending sector for SMEs. At one point, shares were listed on the Australian Stock Exchange (ASX) but were delisted last year due to a low level of liquidity and affiliated cost of maintaining the listing. It has been reported that lawsuits have been filed against the company’s co-founders.
Ca-funding is regulated by the Monetary Authority of Singapore (MAS) with a Capital Markets Service License and Exempt Financial Advisor according to the regulator.
The notice posted by CoAssets is republished below.
Dear Crowdfunding Investors,
We regret to inform you that CA Funding Pte Ltd (CAFPL) is in the process of gradually winding down.
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- For members who do not have any outstanding investments with us, your accounts will cease from 4 Jan 2021 onwards.
- For members who have outstanding investments with the platform, your account will still be live.
For all queries, please email Investors@CA-Funding.com or call 8182 2216.
Please give us up to 7 working days for us to respond to your email.
Do note that CAFPL is a wholly-owned subsidiary of CoAssets Limited and only CAFPL is regulated by MAS. If you have invested in the Promissory Notes (PN) of the unregulated subsidiaries under CoAssets Group, you can direct your email to Relations@CoAssets.com. Alternatively, you can email Investors@CA-Funding.com and we will direct you to the team that is assisting PN Investors.
Management
CA Funding Pte Ltd