Funding

Singapore Fintech Pilon Raises US$5.2 Million Seed Funding

Pilon, a Singaporean fintech providing cloud-based supply chain financing system, has secured US$5.2 million in both debt and equity during a seed funding round.

The round was led by Wavemaker Partners with participation from Octava and Polaris Kin.

Pilon said that it will use the funds raised to improve its digital product offerings, expand its footprint in existing markets like the Philippines and Cambodia, and make their foray into either Vietnam, Thailand or Indonesia within the next year.

The company is also aiming to scale up its business acquisition and expand its workforce with the fresh funds.

Pilon added that it is looking to onboard another 1,000 suppliers and collaborate with another five financial institutions across the region.

Eddie Lee

Eddie Lee, Co-founder and CEO of Pilon said,

“Pilon aims to bridge the gap and foster healthier relationships between buyers and suppliers which has been a longstanding concern.

We are confident that our suite of offerings and solutions would provide a seamless, fuss-free experience for suppliers and buyers to easily access, predict, and manage their funds.”

Paul Santos

Paul Santos, Managing Partner at Wavemaker Partners said,

“SME suppliers in emerging markets often face cash flow challenges due to the rigidity of the payment processes of their buyers.

With Pilon, SMEs that were traditionally excluded from the formal financial sector can now access much-needed financing to help them grow.”