Jakarta. Singapore-based fintech company Helicap announced on Thursday (13/09) that it has secured $5 million in pre-Series A funding, led by Jakarta-based early-stage venture capital firm East Ventures and real-estate conglomerate Soilbuild Group Holdings, to expand its business in Indonesia.
This follows a $1.5 million seed funding round led by a former Singaporean manpower minister, Teo Ser Luck, and fintech firm Nufin Data four months ago. Helicap has positioned itself as a bridge between large-scale investors, such as pension funds and insurance companies, to invest in small and medium enterprises through licensed peer-to-peer lenders. The company generates revenue from the fees it collects from investors. The startup has helped disburse funding through peer-to-peer lending to more than 100,000 end consumers and small businesses in Singapore, Cambodia and Indonesia. "We are putting our focus on Indonesia now. As we are going to expand in Indonesia, establish a new office and recruit a local team," David Z. Wang, Helicap co-founder and chief executive, told the Jakarta Globe on Thursday.