Credit Culture, a Singapore-based fintech startup, has secured a S$40 million (US$29.4 million) investment from Malaysian-listed investment holding company RCE Capital Berhad. This is reportedly the “first time that a startup in Singapore has secured significant funding before the launch of services,” the company said in a statement.
Founded by a group of former bankers, Credit Culture will use the newly acquired funding to build its operational capabilities.
Last December, the Singapore Ministry of Law had selected Credit Culture as one of six entities to be part of a pilot project that “professionalizes” the country’s personal loans industry.
The company will deploy a proprietary credit-scoring engine that allows applicants to receive personalized loan terms instantly. “The system reduces the need for manual and cumbersome processes. This increases transparency and brings costs down, which allows us to pass it on to consumers,” Edmund Sim, Credit Culture’s founder and CEO, said.