Singapore based financial services technology firm, CrediLinq.Ai, today announced that it has secured a SGD 1.35 Million Angel funding round.
The fintech lender aims to disrupt how credit is underwritten to SMEs using innovative technological solutions through its lending platform, which is powered by its proprietary artificial intelligence (AI) and machine learning algorithms. Participants in this round include venture capital investors Brandon Tee of B7 Capital, Sandeep Uberoi of Jungle Ventures, and software firm Aerion Technologies.
The funds will allow CrediLinq.Ai to expand its team, make further developments to its technology and products, and accelerate the execution of its go-to market strategy by financing its first few loans. After launching in Singapore, the firm aims to expand regionally, targeting Hong Kong, Australia, and New Zealand.
Founded in 2020 by Deep Singh, a seasoned banker-turned-entrepreneur specialising in corporate and commercial finance, CrediLinq.Ai aims to create a more inclusive, accessible, digital-first and frictionless customer journey where every business can get quicker access to growth capital. His wealth of experience in credit and finance led him to realise that SMEs continue to struggle for credit as we emerge from the Covid-19 pandemic, and banks and credit asset management companies face problems with scaling due to a traditional underwriting approach and a lack of automation and technology present within the sector. This led him to fuse his passion for innovation to conceptualise and create the technology needed to disrupt credit underwriting and contribute to an industry in dire need of much change.
According to GrabFinance and Bloomberg Media’s SMEs in a new decade, new economy - Feb 2020 Report , that surveyed more than 600 micro, small, and medium enterprises (MSMEs) across the Southeast Asian region. 90 percent of respondents funded their MSMEs out of savings, with only 39 percent having taken out a bank loan, and 15 percent securing funding from investors or venture capitalists. CrediLinq.Ai aims to lower the barriers to entry for all businesses, especially smaller businesses that are underserved by banks, in securing capital, empowering them to reach their growth objectives and upscale their firms.
As a financial technology company, CrediLinq.Ai believes that every business should have equal and hassle-free access to capital to enable them to reach their growth targets. For investors, the firm’s proprietary AI and machine learning algorithms enable a credit assessment approach that makes use of hundreds of traditional and alternative data points to support credit underwriting. The data centric approach then provides a deeper understanding of the borrower’s financial health and enhances the transparency and reporting to investors.
Commenting on the successful fundraise, Deep Singh, Founder of CrediLinq.Ai, said: “As a passionate believer in the possibilities of technology disrupting the banking and credit sector, our platform aims to pave the way for all businesses to have better access to growth capital. Over the years I have been privy to what technology can do for this sector, and we hope to be able to add value by changing how credit is underwritten. We are also humbled to be able to leverage on the vast experience of our team and advisors, helping us support the growth of SMEs and help investors achieve their goals.”