As campaign listings of SMEs (Small-to-Medium Enterprises) get funded in record time at MoolahSense, the first and legally compliant crowdlending platform in Singapore, a ‘Cooling-Off Day’ feature has been launched on the platform to provide investors sufficient time in evaluating campaign listings, effective from 13 April 2016.
Through the ‘Cooling-Off Day’ feature, investors will be able to review full details of crowd-financing campaigns at least one (1) day prior to their actual launch. A countdown timer will indicate the time a campaign goes ‘live’ and at such point, the ‘Invest’ button gets activated.
“We are excited by investors’ interest to crowd-finance SME campaigns at MoolahSense which have led to campaigns being funded in record time. At the same time, we would like our investors to be given the opportunity to evaluate and participate. Hence, we have taken the lead to set standards in this industry by launching a world’s first ‘Cooling-Off Day’ feature for the benefit of investors,” MoolahSense CEO Lawrence Yong said.
At MoolahSense, SMEs are encouraged to provide accurate, relevant and transparent information at all times. The platform provides its investors with tools to aid them in making sound investment decisions. Each campaign cites relevant financial information and documentations submitted by the SMEs upon listing, which will empower investors in conducting their own due diligence and fact-finding to fulfill their unique investment criteria.
The platform has also reported record-breaking speed of fund raises in recent times, which MoolahSense further claims as ‘faster than banks’. A series of crowd-financing campaigns had successfully raised funds from $100,000 to $200,000 in 20, 8, 5 and 2 minutes respectively. On its highest fund raise to date, a premier digital lifestyle goods retailer (‘the SME’) launched its campaign on the platform last month and raised $1,000,000 within 26 hours; and subsequently funded another tranche of $500,000 within a week.
The table below provides a summary of successful fund raises within 26 hours since February 2016.
| Sector/Company | Amount Raised | Funding Duration |
| Lift Installation & Maintenance Company | $150,000 | 2 minutes |
| Pest Management Company | $100,000 | 5 minutes |
| Prototyping and Design Company | $120,000 | 8 minutes |
| Global Sealing Supplier | $200,000 | 20 minutes |
| Cement Truck Transportation | $150,000 | 30 minutes |
| Machining & Metal Fabrication | $150,000 | 45 minutes |
| Commercial Kitchen Wholesaler | $200,000 | 60 minutes |
| Steel Fabrication | $100,000 | 1.5 hours |
| Eco-Friendly Product Manufacturer | $130,000 | 2 hours |
| Interior Design Company | $100,000 | 3.5 hours |
| Glazing-Metal Works | $300,000 | 5 hours |
| Manufacturer in the General Wholesale Trade Business | $250,000 | 5.5 hours |
| Integrated Print Management Company | $200,000 | 6 hours |
| Construction & Trading | $100,000 | 7 hours |
| Premier Digital Lifestyle Goods Retailer | $1,000,000 | 26 hours |
These SMEs have approached MoolahSense to obtain short-term business loans with tenors of 6 to 12 months for additional working capital, equipment purchase, increasing inventory, and fulfilling confirmed client projects.
Other than 6-to-12-month tenor, MoolahSense also provides SMEs to option to issue short-term loans (from $100k) with maturity of 3 to 9 months. MoolahSense strives to provide innovative and sensible short-term financing solutions to SMEs in all industry verticals.
