Singapore SME lender banks $1m in angel funding

CrediLinq.Ai, a financial services firm based in Singapore, said it has raised S$1.35 million (US$1 million) in an angel funding round that saw participation from Sandeep Uberoi of Jungle Ventures.

Software company Aerion Technologies and Brandon Tee of B7 Capital also joined the fundraise, according to a statement.

CrediLinq founder and CEO Deep Singh / Photo credit: CrediLinq

Founded in 2020, CrediLinq provides credit underwriting and technology solutions for small and medium-sized enterprises. It uses AI and machine learning to generate credit scores through the analysis of traditional and alternative data points.

With its offering, CrediLinq said it aims to lower the barriers to entry for SMEs to growth capital for their businesses.

According to a GrabFinance and Bloomberg Media 2020 report, which surveyed more than 600 small businesses, roughly 90% of respondents funded their SMEs. Only 39% of survey participants said they have taken out a bank loan, while 15% have secured funding from investors or venture capitalists.

CrediLinq said it will use the new funds to expand its team, develop its product, accelerate the execution of its go-to-market strategy by funding its first few loans. After launching in Singapore, the fintech lender aims to expand regionally, targeting Hong Kong, Australia, and New Zealand.

“Over the years, I have been privy to what technology can do for this sector, and we hope to be able to add value by changing how credit is underwritten,” said CrediLinq founder and CEO Deep Singh. He previously served as the executive director and chief capital officer of EFA Group, an independent asset manager.

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