Singapore Fintech raises US$5.2mn

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Singapore Fintech raises US$5.2mn
Singapore Fintech raises US$5.2mn

The funds will be used to improve its digital product offerings, expand its footprint in existing markets like the Philippines and Cambodia, and make a foray into either Vietnam, Thailand, or Indonesia within the next year, the fintech said

A Singaporean fintech, Pilon, that provides cloud-based supply chain financing systems, has secured US$5.2 million in both debt and equity during a seed funding round led by Wavemaker Partners with participation from Octava and Polaris Kin.

The funds will be used to improve its digital product offerings, expand its footprint in existing markets like the Philippines and Cambodia, and make a foray into either Vietnam, Thailand, or Indonesia within the next year, the fintech said.

Also, the fintech aims to scale up its business acquisitions and expand its workforce with the fresh funds.

It is looking to onboard another 1,000 suppliers and collaborate with another five financial institutions across the region, the firm added.

Eddie Lee, co-founder and CEO of Pilon, said, “Pilon aims to bridge the gap and foster healthier relationships between buyers and suppliers, which has been a longstanding concern. We are confident that our suite of offerings and solutions would provide a seamless, fuss-free experience for suppliers and buyers to easily access, predict, and manage their funds.”

Paul Santos, Managing Partner at Wavemaker Partners, said, “SME suppliers in emerging markets often face cash flow challenges due to the rigidity of the payment processes of their buyers. With Pilon, SMEs that were traditionally excluded from the formal financial sector can now access much-needed financing to help them grow.”

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