Pilon, a FinTech firm based in Singapore, has raised a seed round of $5.2m in both debt and equity funding.
The round was led by Wavemaker Partners and saw participation from Octava Pte and Polaris Kin Pte.
Pilon enables Southeast Asia’s small and medium-sized enterprise suppliers and their corporate buyers to digitise their factoring processes and unlock cash flow by accessing credit from financial institutions–all via web and mobile interfaces using a cloud-based engine.
Through the technology, suppliers can easily access and track their owed invoices, and choose one or multiple invoices for early financing via their mobile app. They will also be able to choose the date they want the funds in their bank account by the built-in spot factoring and dynamic discounting, which will present the discounted offer to the supplier for consideration before accepting it.
The firm will use the funds raised to improve its digital product offerings, expand its footprint in existing markets like the Philippines and Cambodia, and make their foray into either Vietnam, Thailand or Indonesia within the next one year.
Pilon will also scale up business acquisition and talent in areas like marketing and technology. Pilon currently has 14 people across Singapore, the Philippines, and Cambodia.
Pilon CEO and co-founder Eddie Lee said, “Pilon aims to bridge the gap and foster healthier relationships between buyers and suppliers which has been a longstanding concern. We are confident that our suite of offerings and solutions would provide a seamless, fuss-free experience for suppliers and buyers to easily access, predict, and manage their funds. With the fresh funds raised, we will be able to unlock the next phase of Pilon’s growth and resolve complex challenges,”.
Colombian FinTech company KLYM, which is on a mission to build a scalable credit system for companies, has reportedly raised $27m in funding.
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