Helicap, a fintech investment platform, has raised US$4.3 million in its ongoing Series B funding round, as disclosed in regulatory filings viewed by DealStreetAsia.
Kenanga Investors, a subsidiary of Malaysia’s Kenanga Investment Bank, emerged as the lead investor, contributing US$4 million to the round.
As part of this partnership, Kenanga Investors has collectively taken an 8% stake in Helicap, which will soon be increased to approximately 10%, making Kenanga Group the largest institutional investor in the company.
Following this investment, Wira Ismitz Matthew De Alwis, CEO of Kenanga Investors, will join Helicap‘s board of directors.
Existing backer Saison Capital, the venture capital arm of Japan’s Credit Saison, also participated in the funding round.
The US$4.3 million raised so far reflects the equity portion of the Series B round, which might later include other components such as debt financing.
Additionally, Helicap is set to issue US$1.9 million worth of shares to convertible noteholders, which include Taisu Ventures and individual investor Lee Ooi Keong.
In 2020, Helicap secured US$10 million in its Series A funding round, with participation from Saison Capital, East Ventures, and others.
Founded in 2018, Helicap links global investors with private debt opportunities across Southeast Asia, leveraging a wide network of partners.
Over the past six years, Helicap has deployed over US$250 million in capital, benefiting more than five million MSMEs and individuals.
In 2022, Helicap reported an 89% increase in revenue, reaching US$2.75 million.
However, the company also experienced a rise in losses, which grew by 71.5% to $1.86 million during the same period.
Datuk Wira Ismitz Matthew De Alwis, Executive Director and CEO of Kenanga Investors said,
“Our enhanced partnership with Helicap will enable us to tap into its global network as a source of offshore capital as well as to facilitate deal co-origination and syndication efforts in both Singapore and Malaysia.
Ultimately, we believe this will provide a strategic base for Kenanga Group to build further cross-border collaborative partnerships and capitalise on the dynamic growth in the region, as well as the rising income and affluence among South-East Asian investors”.
David Z Wang, Co-founder & CEO of Helicap Securities, added,
“This collaboration represents a significant milestone as we unite Kenanga’s robust local market presence and billions in assets with an extensive client base with Helicap’s powerful, sector-agnostic, data-driven platform and proprietary analytics technology.”
This article was updated on 2 September to include Kenanga’s 8% stake in Helicap and quotes from both parties.
