SINGAPORE
- Media OutReach - 24
June 2020 - Multiply
Capital, a subsidiary of IFS Capital Limited, has launched its new website in
Singapore, providing financing for micro and small businesses in Singapore.
Made for
Small Businesses
Multiply's
unique set up allows it to offer financing to businesses typically deemed too
small for financing. These include start-ups,
sole-proprietorships/partnerships, and other small enterprises, where the
average working capital requirement is ~S$30-50k.
Since
Multiply started, its average loan size is around S$20k, with the smallest
invoice funded being $500.
Innovation
through Intrapreneurship
Multiply
was started via IFS' intrapreneurship and incubation programme, aiming to
empower entrepreneurs within the company to come up with innovative business
ideas to better serve their clients.
The idea
for Multiply was conceived when the team noticed a gap for smaller sized loans,
which tend to not be profitable for most financing companies to provide.
Further, smaller companies tend to have limited, incomplete financial data,
which adds to the difficulty in doing an accurate risk assessment and credit
evaluation.
Jonathan
Chong, Chief Operating Officer of Multiply Capital, commented, "With the
resources and the experience of IFS, as well as the agility and nimbleness of
our start-up, we were able to develop a fast and affordable service for micro
and small enterprises.
Changing
the way Business is Being Conducted
Multiply
offers small-ticket working capital loans and invoice financing.
"We saw a
demand in the market as smaller companies had a lot of their cash flow locked
up in unpaid invoices. That gave us the idea to start this segment of our
business," added Jonathan Chong, the Chief Operating Officer of Multiply
Capital.
With the
help of cutting edge open-source technologies, such as Amazon Web Services,
Machine Learning, and NoSQL, Multiply is able to lower our cost via a simple
team structure, proprietary origination platform, credit assessment model, and
the constant optimisation of operational workflow.
If you
would like to find out more about Multiply Capital, please visit https://www.multiply.com.sg/
