- Funds will be used to acquire, develop and scale up growth stage fintech companies
- tryb's platform aims to drive digitisation and propel financial inclusion in Asean
TRYB Group, a financial technology platform, announced a US$30 million (RM117.29 million) investment by Makara Innovation Fund (MIF) a US$717 million private equity fund that invests in IP-driven small- to mid- companies with the aim of scaling, internationalising and creating enterprise value. (US$1 = RM3.91)
MIF is a private equity fund that invests in late-stage startups and growth stage companies that demonstrate proven and defensible intellectual property, compelling fundamentals and a strong Pan-Asian growth trajectory.
Deploying an interregional investment approach that leverages on Singapore as a strategic hub, the fund partners with commercially viable businesses that are at an inflection point, where the combination of strategic capital, networks, and additional resources catalyses enterprise value creation.
tryb intends to utilise the investment capital to accelerate its acquisition plans of growth stage financial technology companies, particularly prioritising in key segments as related to SME lending, trade finance and micro-credit.
These acquisition targets are selected based on their enhanced capacity as data driven technologies, which ultimately serve to enable the origination, syndication and distribution of credit across the diverse markets of Asean.
Supplementing its acquisition strategies, tryb concurrently designs, builds and implements technology projects in strategic collaboration with local entrepreneurs and business partners in the region, further extending tryb's financial infrastructure network.
tryb co-founder and chief executive officer Markus Gnirck, commented: "tryb is excited to have the Makara Innovation Fund lead this round as a strategic investor. We are looking forward to work with all our shareholders to roll out expansion plans and scale into an integrated financial infrastructure technology platform.
“Their extensive investment experience, combined with our deep networks in Asean markets, enhances our position to acquire, partner and operate global technology companies, with the aim of enabling the digitisation of Asean credit markets."
"As a technology-driven company that leverages on its defensible IP portfolio as a strategic asset, tryb signifies a unique investment value proposition. Underpinned by its strong leadership team, the company is poised to lead the transformation towards the digitization of Asean's credit markets, with the aim of sustaining its competitive edge through its management of its defensible and proprietary technology and know-how.
“Our partnership aims to support tryb's objectives of enhancing their IP portfolio, scaling and expanding their international footprint, by executing organic and cross-border M&A strategies," said MIF director of Investments Kelvin Tan.
In Asean, less than 60% of small to medium enterprises have access to bank loans, and approximately 50% of SMEs are unserved or underserved by financial institutions.
As an example, IFC Enterprise estimates that there is a US$11.8 billion credit gap in Indonesia, which represents a strong market opportunity powered by a demand for more accessible capital.
In addition, the lack of access to cloud-based banking technology infrastructure by smaller banks and microfinance institutions represents a green-field opportunity for digital distribution channels, which in turn enhance efficiency, lower the cost of capital and effectively connect global capital with end consumers across the growth markets of Asia.
tryb co-founder and chief investment officer Veiverne Yuen, commented, "tryb is developing a platform that will effectively bridge consumers of capital with global capital markets seeking attractive returns on capital. By investing in digitalisation at origin, our platform creates value by producing conditions that enable digital straight through processing.
“The result is to channel deep global capital pools into the region in a manner that is efficient, cost-effective and sustainable, with the aim of catalysing value for the benefit of Asean's consumers and businesses."
Through its recent investment and integration of Chinsay, tryb has demonstrated its capacity for and capability in performing a significant role by enhancing the flow of capital and digitisation in the fields of trade and contracts.
As an integrated platform, tryb is leveraging on its strong relationships with a robust network of family-owned and publicly listed conglomerates, banks, financial institutions and regulators throughout Asean in its efforts to design and roll out its expansion plans, which are focused on acquiring, nurturing and/or integrating key and synergistic components into its infrastructure platform from its strong pipeline of investment targets.
tryb aims to become the leading financial technology company in Asean driving digitisation and propelling financial inclusion for the region.