Singapore-based e-procurement platform SESAMi has merged with invoice financing startup Capital Match, and at the same time, raised an undisclosed funding round as a newly combined entity, it said in an announcement on Wednesday.
According to the joint statement, a number of existing and new investors have invested in the newly-combined entity including Dymon Asia Ventures, while Malaysia-based OSK Venture International Bhd became a new significant shareholder.
No financial terms of the merger were disclosed.
The merger will enable the two companies to form a fully-integrated supply chain finance platform with more than S$20 million ($14.5 million) in annual revenues and profitable on an EBITDA basis.
Capital Match was founded in 2014 as a peer-to-peer lending platform but has pivoted to focus primarily on invoice financing services and has facilitated more than S$100 million ($72.7 million) in financing from retail, accredited and institutional investors to SMEs in Singapore and Hong Kong.
It has raised more than S$5 million ($3.64 million) from various VCs including Dymon Asia Ventures and B Capital Group.
“This will be a unique value proposition that few companies globally, and none in Southeast Asia, offer. We aim to revolutionize the way the financing to B2B businesses is done. We cannot think of a better partner than SESAMi to accomplish it with their complementary suite of services, unparalleled network and experience, and a great team,” said Capital Match CEO, Pawel Kuznicki.
After an initial rollout in SIngapore, the combined entity plans to expand into other markets in Southeast Asia through greenfield development, partnerships and/or acquisitions.
Founded in 1999, SESAMi now processes around S$6 billion of e-purchase orders and S$2 billion ($1.45 billion) of e-invoices annually on its platform, and facilitates a fuel discount programme in partnership with a fuel retailer.
“Over the past 20 years, we have firmly established our presence as Singapore’s largest e-sourcing and e-procurement solution provider to corporates and their suppliers serving some of the most prominent companies in Singapore such as Singtel, Singapore Airlines, National University of Singapore and National Healthcare Group, among others.
“We decided to go ahead with Capital Match as the most innovative and trustworthy platform in Singapore to develop a new financing offer to our large trading community,” said SESAMi CEO, Ong Teck Soon.
QuickBites: Capital Match CEO, Pawel Kuznicki
