SINGAPORE - CCRManager, a Singapore fintech that is tackling the secondary market in trade loans, has raised US$6.5 million (S$8.7 million) in Series A funding from a group of investors led by veteran banker and ex-Temasek Holdings executive, Francis Rozario of Asia Capital and Advisors, it said on Tuesday (May 8).
Mr Rozario will join its board of directors, said CCRManager in a media statement.
Subscribers to the round include individual investors from the banking and investment community, family offices, and Global eTrade Services (GeTS), a subsidiary of CrimsonLogic, which sells services to governments looking to digitise their processes.
Funding from this Series A round will be used to accelerate the growth and expansion of the CCRManager network globally, and to boost the platforms' product and functional capabilities.
CCRManager was launched in 2017, and now works with nearly 40 global financial institutions members from 17 countries.
It is looking to take a slice of the US$1.7 trillion market in secondary trade loans through its platform, on which banks can list the assets for distribution, firm up deals, and exchange the necessary documentation through a secured channel. The platform was developed collaboratively with leading trade finance institutions and the support of the Monetary Authority of Singapore, said CCRManager.
CCRManager's executive chairman and founder, Tan Kah Chye said: "We are honoured by the confidence that our investors have shown in us. It was of paramount importance for us to work with investors who have a deep and personal understanding of our business, and an overwhelming passion for how our platform can truly be transformative for the global financial community."