Alternative lender Helicap banks another $5m, just 4 months after seed round

Helicap co-founders David Z. Wang (L) and Quentin Vanoekel (R) / Photo credit: Helicap

Singapore-based alternative lending startup Helicap has raised US$5 million in a pre-series A round led by East Ventures and property firm Soilbuild Group Holdings.

The fresh funding comes just four months after the company closed a US$1.5 million seed round led by Singapore member of parliament and former manpower minister Teo Ser Luck.

Helicap said it will use the investment to hire tech and data talent and expand its presence in Indonesia, Vietnam, and the Philippines. Some of the capital will also go towards boosting its risk management abilities through improved credit scoring and due diligence tools.

The startup acts as a middleman, helping large-scale investors – such as family offices, pension funds, and insurance companies – invest in the small-to-mid-sized loans offered through the region’s growing number of tech-driven, peer-to-peer (P2P) lending platforms.

Helicap now has now vetted close to 300 P2P lending platforms across Southeast Asia and Australasia. Since launching in Q2 2018, its loan book has grown by more than 50 percent month-on-month, and it has deployed funding to over 100,000 individual loanees and small businesses. The startup claims to have hit “double-digit returns” and estimates that its loans pipeline is on course to reach US$200 million by the end of this year.

“We decided to work with East Ventures for our Indonesian expansion, as they are one of the earliest and most established venture capital players there,” said co-founder and CEO David Z. Wang. “Also, Soilbuild’s contribution is pivotal in diversifying our portfolio, particularly as they have deep expertise in the real estate investment trust [REIT] listed company segment.”

Tech in Asia contacted Helicap for further details, but had not received a response at time of publication.