The funds will be utilized towards expanding Capital C’s core team and tech capabilities to empower underserved individuals and companies in Singapore, and also to expand its ecosystem of financial services
Capital C Corporation, a Singapore-based financial services provider, has secured S$74 million in a funding from PhillipCapital, Luminor Capital, Paradise Group, Citystate Group, various family offices and Ultra-High NetWorth-Individuals. The fund raised will be utilized to serve their lending capabilities and expand their digital financial offerings to provide a seamless experience and also competitive credit rates to underserved communities in Singapore.
“Capital C came about after John and I started a business in our early years, where we struggled to obtain loans as a relatively new and small business in the market. This inspired us to help those who find themselves caught in the same struggle. With our experience, we were able to venture into the financial sector, and started Capital C with one goal in mind, to develop and provide financial services for any individual or business seeking credit access from all walks of life,” said Jeames Cheow, co-founder, Capital C.
Capital C expects a forecasted compound annual growth rate of 132 per cent between 2021 and 2025. The company has disbursed over 260,000 loans in Singapore. Beyond Singapore, Capital C plans to expand into the Philippines and Malaysia, where they are licensed to operate and subsequently into the wider ASEAN and Oceanic region, the company claimed in a statement.
“Citystate Group Pte Ltd invested S$2.25 million via a mix of debt and equity into Capital C’s digital auto financing arm, Capitall Auto, in 2019. We are confident that Capital C’s unique positioning will enable it to continue expand and grow exponentially in the coming years through good leadership, digitization and progressive market capture,” said Leow Tze Wen, CEO, Citystate Capital Asia Pte Ltd.
Founded by two brothers, Jeames Cheow and J John Cheow in 2011, Capital C is a conglomerate that offers an ecosystem of curated financial services to change the conventional financing landscape using its innovative loan origination methods with a keen focus on the financially underserved. Its financial services include, Individual financing (customers can acquire cash loans within 8 minutes), Capitall (empowers SMEs through various financial solutions) and Capitall Auto (digital automotive financing platform provides car flooring as well as in-house loans).