Endeavor selects Malaysian fintech CapBay as part of its global high-impact entrepreneurial network
By Digital News Asia September 26, 2023
- CapBay uses a proprietary credit-scoring algorithm to connect investors, banks, SMEs
- Receive strategic services, mentorship, networking opportunities with potential investors
Endeavor, the global platform established to nurture high-impact entrepreneurs, has chosen Malaysian fintech CapBay in its latest selection, announced at the 40th Virtual International Selection Panel. "CapBay's founders are an impressive group with a clear, admirable, and purposeful narrative. Their personal motivations behind CapBay's inception reflect a commitment to both financial success and meaningful impact," commented Drew McElroy, Co-Founder & Chairman of Transfix.
Endeavor's selection process identifies and supports entrepreneurs with the capacity for significant wealth and job creation, and who champion growth within their local ecosystems. CapBay joins 15 entrepreneurs presiding over seven companies from different global markets in this year's selection.
CapBay, co-founded by Ang Xing Xian, Darrel Ang, and Edwin Tan, operates a finance platform that connects investors, banks, and small-to-medium-sized enterprises (SMEs) in need of finances. Using a proprietary credit-scoring algorithm, CapBay facilitates lending processes, providing necessary financial support for SMEs, while delivering high-quality financing options for banks and investors. Since its establishment in 2016, CapBay has overseen over US$550 million (RM2.58 billion) in funding, a significant contribution that was a key factor in CapBay's selection by Endeavor. In July this year, they announced they had crossed over US$220 million (RM1 billion) in funding to more than 400 underserved SMEs since March 2020.
Having gained membership in the Endeavor network, CapBay will receive strategic services tailored for business scaling, mentorship from globally recognized business professionals, and networking opportunities with potential investors, likely enhancing CapBay's visibility within the global entrepreneurial community.
Selection will help CapBay "realise their vision"
Darrel expressed appreciation for the Endeavor selection, "This recognition is indeed significant for us. We are eager to utilize the resources provided by Endeavor to further our growth plans. Our goal has always been to make a significant impact in our sector, and with Endeavor's backing, we feel more equipped to realise this vision."
CapBay's selection also benefits the wider Malaysian entrepreneurial ecosystem by highlighting the potential and competitiveness of local startups, especially within the fintech sector, at a global level. Endeavor's ongoing support of high-impact entrepreneurship worldwide leads to the success of companies like CapBay, exemplifying the power of effective mentorship, networking, and support in accelerating the growth of startups.
"CapBay embodies the essence of responsible entrepreneurship, where financial prosperity aligns harmoniously with creating real, lasting value—a philosophy that resonates deeply with the Endeavor community's ethos of fostering impactful and sustainable entrepreneurship", said McElroy.
With the support of over 70 mentors, Endeavor Malaysia now supports 24 companies that have successfully passed the ISP selection process, including Carsome, Farm Fresh, and Common Ground.
Related Stories :