Following this announcement, Bizcap’s expansion in the region of Singapore marks its fourth market after Australia, New Zealand, and the UK. During its pre-launch phase, loan assessments averaged under four hours, making the process faster and more optimised for customers.
In addition, the company aims to introduce same-day funding for eligible small and medium-sized enterprises (SMEs) in the region. Bizcap will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
According to officials of the company, in the next 6 to 12 months, Bizcap aims to roll out new products in the region as well, including a caveat-secured loan product and a revolving line of credit. At the same time, the lender firm will also focus on its strategy to expand into other Asian markets within the next three years, while growing its local team and improving its suite of solutions for brokers as well.
Bizcap’s entry into Singapore was announced amid overall growth projections for alternative lending in the region, reflecting a persistent financing gap for SMEs that traditional banks have not adequately addressed. The market opportunity is also substantial enough to have attracted multiple competitors, including Funding Societies, Validus, FAZZ, and others that have established multiple specialised niches within the alternative lending ecosystem.
Bizcap’s early traction included the process of funding USD 6 million in deals and building more than 100 partner network before its launch, and it aimed to offer Singapore’s SMEs more options. It also requires improved discernment in selecting collaborators as the landscape becomes increasingly specialised and competitive.
Furthermore, Bizcap’s approach of using automated bank statement aggregation and Open Banking integrations represents an overall broader shift in the manner in which SME creditworthiness is evaluated in the country’s evolving financial ecosystem. The shift toward data-driven lending will enable enhanced financial inclusion for previously underserved business segments, with Open Banking services allowing SMEs to present real-time financial data to lenders that can expedite loan approvals and optimise access to solutions.
Bizcap’s focus on quick turnaround will also address a fundamental market need, as a significant percentage of SMEs need immediate funding for operational expenses. This develops a wider demand for accessible credit solutions that traditional banks struggle to provide. Its partnership models also reflect an industry-wide shift toward flexibility, aiming to allow partners to choose their level of involvement while maintaining competitive commission structures as well.
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