SG procurement platform bags new funds to expand to Malaysia

Doxa team / Photo credit: Cento Ventures

SMEs anywhere need financing to develop their businesses, including those operating in supply chain. However, doing so can be challenging: Supply chain financing is usually considered to be more risky due to limited data and tools to make the credit decision.

Doxa Holdings, a Singapore-based fintech firm, seeks to address this issue by providing a digital procurement platform for the supply chain space, among other industries. It has recently secured a new investment from Cento Ventures in an undisclosed amount and stage.

This round follows a US$2.2 million pre-series A round from 2022.

Doxa’s platform automates the procurement process, where all transaction data is tracked and analyzed, thus providing data points for credit scoring. According to its website, clients also include those in the construction and real estate development industries.

Edmund Ng, co-founder and CEO of Doxa, said that the company is looking to expand into new customer segments and geographies. In a statement, the firm said it aims to enter Malaysia by collaborating with an unnamed financial institution.

In Singapore, it has partnered with Visa and UOB to offer payment solutions for contractors. Doxa has also entered the Indonesian market with a customer in the healthcare industry, though it has not specified the details.

See also: Digital banking meets hard realities in SEA’s emerging markets