The Singapore-based startup Helicap on Tuesday announced USD 10 million of fresh funding in a Series A round led by Saison Capital, the venture capital arm of the Japanese financial service company Credit Saison.
In this round also participated the existing investor East Ventures, as well as new names such as Access Ventures, Lamivoie, and several high net worth individuals. The investment bumps up the company’s total capital raised to USD 18 million, according to the statement.
“By bolstering our balance sheet, Helicap is well positioned to weather the current economic storm,” said David Wang, the CEO and co-founder of Helicap.
Wang added that the investment comes after his company has registered its fund management subsidiary, Helicap Investments, with the Monetary Authority of Singapore. It allows the company to conduct regulated fund management activities with up to 30 accredited and institutional investors and SGD 250 million (USD 176 million) of assets under management.
Helicap had also obtained a capital markets services license through the acquisition of the lender Arcor Capital last year.
The firm plans to use the new funds for the expansion of its business, including the enhancement of its proprietary credit scoring technology, and to explore further solutions in the private debt space.
Expansion to Indonesia
Earlier this month, Helicap appointed ex-Muamalat Bank chairman Ilham Akbar Habibie as the company’s special advisor and investor to the board of directors. The Indonesian market is considered as one of the company’s largest identified geographical opportunities and a key focus area of the business.
Already back in 2018, Helicap showed interest in expanding to Indonesia, as reported by DailySocial. However, the company has not been registered yet with Indonesia’s Financial Services Authority OJK, a mandatory step to start its service in the country.
“As a strong believer in the future of digital financial services, I am very keen to be partnering with and advising a fintech-driven company like Helicap,” said Habibie in a statement. “As the Indonesian economy evolves and our labor force re-skills for the future, there will continue to be a large gap in the Indonesian credit market which is not addressed by traditional banks. As a result, there is a significant role for a rigorous data-driven firm like Helicap to play in the alternative lending space.”