Malaysia-based CapitalBay has reportedly picked up a $477,000 funding round from KK Fund.
Founded in 2016, CapitalBay is a financing platform which helps users to optimise cash flows by freeing cash stuck in the supply chain. Through the offering a business can gain access to various facilities, as well as the ability to extend accounts payable, while providing early payments to suppliers.
The capital will be used to speed up product development, to expand its team and boost customer acquisition, according to an article by e27.
CapitalBay hopes to bolster its technology to help improve the user experience from the onboarding process and through to all later transactions, it said. The company is also to be said to looking at blockchain implementations with various partners.
KK Fund’s portfolio includes Philippine-based lending platform Loansolutions.ph, which received an undisclosed investment last year, and employee benefits provider Venteny.com, which received an undisclosed seed round led by KK Fund at the beginning of the year.
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