500 Global backs SG-based fintech firm’s $2.6m round

CrediLinq, a Singapore-based credit underwriting firm, has raised US$2.6 million in a funding round co-led by 1982 Ventures and White Venture Capital, with 500 Global participating.

CrediLinq founder and CEO Deep Singh / Photo credit: CrediLinq

Established by Deep Singh in 2021, CrediLinq uses AI, machine learning, and data-driven models to generate the credit scores of SMEs. The firm offers two products using this technology.

The first is B2B PayLater, which lets buyers pay suppliers in one click. Through this, buyers gain access to credit terms to purchase inventory and sellers receive immediate payment – encouraging larger orders to be placed and helping increase customer loyalty. This feature is integrated into the client’s ecommerce platform, allowing them to view their credit health in real time.

The second is GMV Financing, which allows sellers to offer credit to their B2B customers. Through CrediLinq’s proprietary software, users are able to automatically determine their customers’ optimal financing amount through transaction and credit history analysis, a process that would traditionally take weeks or months.

CrediLinq will use the funds from this round to enter new markets, further develop its products, and hire more staff to support its growing operations.

The new capital comes as the global software-as-a-service market is set to grow to a value of US$720.4 billion by 2028 at a compound annual growth rate of 25.9%.

Other investors in this round include:

• Sequoia Sprouts
• Arkana Ventures
• GK-Plug and Play Indonesia
• Sketchnote Partners
• Boleh Ventures
• Epic Angels

See also: Series SEA: Who’s investing in the region’s SaaS startups?