Experian, a leading global information services provider has reportedly participated in a funding round of about $28 million secured by the Singapore-based fintech startup C88 Financial Technologies Group. For the record, the latter offers financial services technology for financial e-commerce websites that help investors reach new audiences.
As per sources, the fintech startup announced a $28 million Series C investment round which was led by Experian and later joined by other well-known bankers and investors including Germany’s DEG, FengHe Fund Management, Korea’s InterVest, Europe-based ResponsAbility Investments (Switzerland), Fuchsia Venture Capital, Pelago Capital as well as existing investors Telstra Ventures, Monk’s Hill Ventures Kejora Ventures and Kickstart Ventures.
Experian stated that this was one of the largest Series C rounds raised in the country, bringing C88’s aggregate funding to over $45 million. Apparently, the startup had last raised Series B rounds in September by Telstra Ventures, while in October Experian led the Series D round for $30 million in India-based BankBazaar.
According to sources, the fintech startup has made plans to expand its operation in Thailand with the support of Muang Thai Life Assurance, to launch consumer financing products for consumers in Southeast Asia. Moreover, the investment will be mainly focused towards expansion specifically around consumer marketing.
Incidentally, the startup claims that its platforms have served over 50 million consumers through a mixture of small loans plans paid back between 6-18 months and longer installment based plans that last from 18 to 32 months. the company also claims to work with over 90 banks, investors and financial institutions.
C88 Financial Technologies CEO, JP Ellis quoted in an interview that banks and investors have trouble lending cash out efficiently. However, this can be changed by adopting digital-enabled societies, data and mechanisms to price on an individual basis, he adds.
Ellis further mentions that the company aims on broaden access to capital which can eventually help build up Southeast Asia grow its economies.
Saif currently works as a content writer at Algosonline. A Computer Science graduate who has a zest for writing over coding, commenced his journey in the writing industry as a freelancer. Having had a prior freelance experience, he has tinkered with creative writing, technical writing, blog writing, editing, and copywriting. An ambivert by nature, his hobbies include reading, gymming, and taking long walks.