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/