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Credit management services provider AsiaCollect raises US$1m from Dymon Asia
CREDIT management services (CMS) provider, AsiaCollect, has raised US$1 million from Dymon Asia Ventures via a Pre-Series A equity funding round, the firm said on Monday.
Dymon Asia Ventures is the venture capital arm of Dymon Asia Capital, a Singapore-based alternative investment management firm with about US$5.2 billion of assets under management as at July 31, 2017.
Singapore-based venture builder, Forum Capital, and the company's management had previously provided seed funding. This round brings AsiaCollect's total financing to-date to over US$2 million.
Said CEO and co-founder of AsiaCollect, Tomasz Borowski: "The CMS market in South-east Asia is in its infancy. The market is expected to grow very quickly, as the rapid evolution of consumer finance will demand increasingly professional solutions to the non-performing loan (NPL) issue. This is validated by the experience of many other emerging markets, as well as our own rapid growth in Vietnam since launching last year."
Over the next five years, AsiaCollect estimates that there will be over US$40 billion of non-performing consumer loans generated in the company's core markets of Indonesia, Vietnam, and the Philippines, representing a massive market opportunity.