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TusStar Mentor Wong Jin Hui led Pre-B series funding of Crowdo

Updated: Feb 9



Crowdo, a new ESG (Environmental, Social and Governance) oriented SME bank S$8 million (US$5.9 million) in pre-B series funding. This pre-B series funding round was co-led by Ivest Capital along with Crowdo's current shareholder Gobi Partner. Ivest Capital’s founding partner, Jin Hui Wong is one of TusStar mentors. The following is a excerpt of the report:

 

Crowdo is an ESG (Environmental, Social and Governance)-driven neobank for small and medium enterprises (SMEs) in emerging markets. Recently, they have announced their closure of Pre-Series B bridge round of S$8 million ($5.9 million) co-led by existing investors Gobi Partners, a leading venture capital firm, and iVest Capital Pte Ltd, a Southeast Asia-focused family office, along with the new participation of SEEDS Capital, the investment arm of Enterprise Singapore and Impact Investment Exchange Pte Ltd (IIX) a global leader in sustainability which provided debt financing through the WLB4Climate.

 

To date, Crowdo has disbursed over SGD100 million in financing, has seen its monthly revenue grow by more than 5x during 2021, achieved group profitability since mid-2020, and launched an innovative new supply chain digitization platform. In Indonesia, it has formed multiple alliances with digital banks, multi finance institutions and conventional banks, offering its tech-driven acquisition and onboarding infrastructure and artificial intelligence-driven credit assessment technology for SME funding.

 

Jin Hui Wong, Partner of Ivest Capital

We have observed the significant rise of the fintech industry across the world and we think the next fintech wave will happen in Southeast Asia. As an existing investor of Crowdo, we have seen the company deliver consistent growth over the years and we are very excited to lead the investment to make Crowdo become the market leader in the region.”






 

Gobi Partners:

Gobi Partners’ strong commitment to ESG investing is a perfect match with Crowdo, which leverages its unique neobank technology to improve access to financing to SMEs and women-led businesses, two key groups that have been traditionally under-served by legacy banks.

 

IIX:

We commend Crowdo for committing to increasing the amount of funding they provide in support of sustainable livelihoods for women. IIX is pleased to mobilize funding through the Women’s Livelihood BondTM Series to continue to move the needle on sustainable finance in Indonesia.”


Source: Crowdo


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