Credit Intelligence draws down another $2 million to fast-track its expansion in Australia and Asia
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Credit Intelligence is moving quickly to capture the fast-growing credit markets in Asia, with offerings that cater to the fast-growing Asian SME markets.
Debt restructuring and fintech company, Credit Intelligence (ASX:CI1), has today drawn down another $2 million from its equity funding facility, to accelerate the expansion of its offerings in Australia and Asia.
This follows the $1 million it received in May 2020, and represents the second drawdown from the $5 million facility the company has access to.
The company still has another $2 million to draw on as reserves for further business expansion. As part of the capital raise, the company will issue 66,445,183 shares to LS Whitehall Group, the provider of its funding facility, at $0.0301 per share.
The funds received today will be used towards accelerating its business, particular the expansion of its Yozo BNPL platform into the Australian and Asian markets, as well as its Singaporean credit business.
For Yozo in particular, the funds will be used to further develop the technology behind the platform. In this regard, the company will continue its collaboration with its technology partner, the University of Technology Sydney, to expand Yozo’s group of products to meet the growing demand for BNPL services and requirements of SMEs in Australia and Asia.
The company believes it has a first mover advantage in Asia, which will only be strengthened by the funds to meet the needs of one of the largest ecommerce economies globally.
The Yozo platform has already gone live in Hong Kong in mid March, providing BNPL lending services to potentially 300,000 SMEs in the city.
The Singapore credit business meanwhile, has seen strong demand for credit funding from small businesses in the country. The funds today will further support its Singaporean companies – which it says have strong risk control, a low default rate and a very high return on shareholder’s investment.
This article was developed in collaboration with Credit Intelligence, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.