Financial infrastructure company tryb Group has received a $30m investment from Makara Innovation Fund.
Singapore-based tryb acquires and develops middle market FinTech companies, within the SME lending, trade finance and micro-credit verticals. The company helps to improving access to global capital by regional businesses.
This capital will be used to acquire, develop and scale up growth stage FinTechs that are focused on digitising financial flows, particularly in SME lending, trade finance and micro-credit. tyrb hopes to increase financial inclusion in ASEAN.
Makara Innovation Fund investments director Kelvin Tan said, “As a technology-driven company that leverages its defensible IP portfolio as a strategic asset, tryb signifies a unique investment value proposition. Underpinned by its strong leadership team, the company is poised to lead the transformation towards the digitisation of ASEAN’s credit markets, with the aim of sustaining its competitive edge through its management of its defensible and proprietary technology and know-how.”
Last year, tryb Capital invested $4m in to Sweden-based smart contracts company Chinsay. The company, which improves workflow and provides data analytics for global traders, raised the funding to support expansion into Asian markets.
There has already been a selection of Singapore-based FinTech companies that have raised capital this year. Earlier this week, blockchain technology developer Bluezelle closed its ICO on $19.5m, while last week, fellow blockchain platform builder Morpheus Labs netted an undisclosed investment.
Last year, the Singapore market was dominated by the payments sector, with it representing around 60 per cent of total capital commitments.
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