4th October 2024, Kathmandu
Bizcap, a leading non-bank commercial lender, is expanding into Singapore in Q1 2025, providing fast and flexible financing solutions to SMEs struggling with traditional funding barriers.
Bizcap Plans For Singapore Expansion (Pitch Notes)
- If interested, we can provide views on the growth of alternative financing for SMEs in Singapore, SME digitalization in Singapore, and the current challenges and outlook for SME lending in the region.
- Addressing SME Financing gaps – Bizcap looks to address a significant gap in the Singapore SME financing landscape, where many of the 300,000 SMEs face barriers to securing traditional funding given a lack of financial track record or inadequate collateral
- Seeing increased demand in alternative financing – With 27% of Singapore SMEs able to secure bank financing, and increased demand for alternative financing, Bizcap provides financing for up to SGD 500,000 with no upfront credit checks, low documentation, and fund disbursement within 24 hours.
- Growth opportunities in key sectors – Bizcap’s expansion focuses on supporting SME growth in sectors such as wholesale, retail, manufacturing, professional services, construction, and hospitality.
- Experienced leadership – With 13+ years of experience in financial services, Joseph Lim has driven $50-$70 million in annual revenue and has led channel and direct distribution teams of over 120 people across APAC. As Asia Managing Partner, he will focus on building strategic partnerships, overseeing market entry initiatives, and aligning local market needs to support sustainable growth in the region.
Bizcap, an Australia-headquartered fintech leader in fast and flexible business finance across Australia, New Zealand, and the U.K., today announced its expansion plans into Singapore, along with the appointment of Joseph Lim as Asia Managing Partner.
Launching in Q1 2025, Bizcap’s expansion into Singapore addresses a critical gap in the SME financing landscape: the challenge of accessing quick and flexible capital. Many of the 300,000 SMEs in Singapore encounter challenges in securing traditional financing, often due to a short financial track record or inadequate collateral. According to the Singapore Department of Statistics, only 27% of SMEs in Singapore can secure bank financing, while 40% rely on personal savings or loans from family and friends.
Bizcap provides financing solutions ranging from SGD 5,000 to SGD 500,000, with approvals within hours, no upfront credit checks, a low documentation process, and fund disbursement within 24 hours. In response to the increased demand for alternative financing, this approach supports businesses in accessing timely funds to meet immediate needs in an increasingly digitalized market.
To lead this new venture, Bizcap has appointed Joseph Lim as Asia’s Managing Partner. With over 13 years of experience in financial services and a proven track record of driving growth in competitive markets, he has been pivotal in generating $50-$70 million annually and has led channel and direct distribution teams of over 120 people across APAC. Additionally, he played a key role in notable transactions, including the sale of OneSource to Dunn & Bradstreet Australia (now ‘illion’) in 2016 and the acquisition of the Zip Business loan book in 2023.
Lim will be central to Bizcap’s expansion, working closely with advisers, lenders, and referral partners to establish a strong foundation for Bizcap’s growth across Asia. He will focus on driving strategic partnerships, overseeing market entry initiatives, and ensuring alignment with local market needs to support sustainable growth in the region.
“Lim’s appointment as our Asia Managing Partner marks a key milestone in our international growth strategy,” said Abraham White, Co-CEO of Bizcap. “His deep knowledge of financial services and passion for innovation will be key as we deliver on our promise to provide fast, reliable funding to SMEs across the region. We look forward to seeing the success of the Singapore market as the first entry point to Asia for Bizcap.”
With an estimated GDP growth forecast of 2.6% in 2024, SMEs are showing increased optimism as they pursue growth and expansion opportunities, driving demand for quick, flexible funding options to fuel development, hire skilled labor, and invest in equipment. Bizcap will focus on supporting SME growth in wholesale, retail, manufacturing, professional services, construction, and hospitality sectors.
Key features of Bizcap’s financing solutions to support Singapore SMEs include:
- Fast Processing: Approvals are processed within hours, with funds typically dispersed within 24 hours, enabling SMEs to capitalize on urgent business opportunities in Singapore’s competitive sectors.
- Flexible Criteria: Bizcap tailors its lending approach by evaluating each SME’s unique circumstances, making it possible for businesses that might not meet strict traditional criteria to secure the funding they need.
- Low-Documentation Requirements: By minimizing paperwork and upfront requirements, Bizcap’s streamlined application process removes common administrative barriers, making access to funds quicker and simpler for SMEs.
- Transparency: With clear, straightforward terms and no hidden fees, Bizcap allows SMEs to make informed financial decisions.
Since its founding in 2019, Bizcap has provided over $1 billion in funding to more than 25,000 SMEs across Australia, New Zealand, and the U.K.
Bizcap
Founded in 2019, Bizcap is a non-bank commercial lender empowering Small to Medium Enterprises (SMEs) in Australia, New Zealand, and the U.K. through fast, accessible funding. Bizcap has funded over 25,000 SMEs, totaling over $1 billion while holding a 4.9/5 Trustpilot rating. Unlike traditional lending practices, Bizcap embraces an innovative credit assessment and risk evaluation methodology, considering a wide range of qualitative and quantitative factors, enabling us to say “yes” more often.
For more: Bizcap Plans For Singapore Expansion
