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CapBay Bags $20M in Series A Round Led by KK Fund

Malaysian multi-bank supply chain finance company, CapBay, announced that it has secured $20 million in Series A round from existing investor KK Fund.

CapBay aims to use the funds to further strengthen its technological and funding capabilities. It will enable more efficient financing and market expansion in order to reach a wider range of investors and underserved small and medium-sized enterprises (SMEs).

Formerly known as CapitalBay, the company launched its P2P services in March 2020 and claims to have funded 100 million Malaysian ringgit (US$24.7 million) across 500 investment notes. The firm also says it has facilitated more than 800 million Malaysian ringgit (US$197.6 million) across 10,000 transactions covering SMEs.

The Malaysian firm was selected to be part of the national telco Telekom Malaysia’s Vendor Financing Programme in September 2020. This allowed P2P investors on Capbay’s platform to invest alongside institutional investors in a safer asset class backed by the government and corporate receivables.

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