How I listed my crowdfunding startup on the ASX in 3 years

Photo credit: Startupstockphotos.com

“For any startup doing fintech, one needs to recognize that it is a highly regulated space. Scalability becomes an issue,” says Getty Goh, founder of CoAssets. “Without scale, VCs would not want to invest in the near term. You will need to stomach one to two years of bootstrapping before you reach a certain point.”

A poignant idea, and Getty knows this all too well. In 2013, he founded CoAssets, a crowdfunding firm which lists asset-backed projects, mainly in properties. The company recently listed on the Australian Securities Exchange (ASX), with an estimated market capitalization of US$48.60 million.

Getty should be proud. Despite the challenges that fintech startups face in getting investors, he succeeded in listing CoAssets, the first P2P crowdfunding platform to be listed in Asia, in just a span of three years.

So how did this man accomplish such a feat? I spoke with Getty in an exclusive interview with Tech in Asia.

Moving from a stable life to a startup

Choosing to build a startup was not Getty’s first choice for a career. In fact, he shares that at the age of 18, he was unsure of what he wanted to do. To further complicate things, he was going through a difficult breakup. Still reeling from the unsuccessful relationship, he wanted to do something more meaningful and find his purpose in life.

During his time in national service, he was awarded a Singapore Armed Forces local scholarship which led him to sign on with the military. “It was kind of weird logic. Others may say I was going through emotional trauma from the breakup, but to me it was a platform to give back to society and stabilize myself.”

But he realized later that his career was too predictable, and he wanted to do something different.

Growing pains of starting a new business

In 2008, he left the military and started Ascendant Assets, a company that provided research and tools for property investors.

When asked about the growing pains of starting a new business, Getty says there were plenty. According to him, the hardest challenge working in Singapore was finding qualified manpower and getting US$700,000 in funding.

“For talent, Singaporeans are generally very well-qualified, well-read, and have many career options. Startups, however, have very limited resources to attract talent, unless the founder is willing to part with equity.”

He also mentions that the cost of business is high in Singapore as compared to its neighbors. In order to grow, it is necessary for startups in the country to expand overseas.

Filling the funding gap with CoAssets

“But not everyone has a privileged background with funds or the necessary connections to get VCs to fund their startups,” Getty says as a matter-of-fact.

He finds that raising the key funding gap of US$700,000 is critical to help startups succeed. This began the idea of raising funds through crowdsourcing, and thus CoAssets was born.

Breaking away from fundraising norms

Building a great team of talent

Different styles when managing staff

Observations on the fintech space

Lighter side of life