FinTech firm Pilon raises $6.88m in seed round

The fund will be used to improve its product offerings and operation expansion.

Singapore-based FinTech firm, Pilon, raised around $6.88m (US$5.2m) in a seed round led by Wavemaker Partners with participation from Octava and Polaris Kin.

In a statement, Pilon, which offers a cloud-based Supply Chain Financing system, said the amount raised will be used to improve its digital product offerings and expand its footprint in existing markets such as Cambodia and the Philippines.

The venture-built Pilon also plans to use the fund to enter either Vietnam, Thailand or Indonesia within the next one year to scale up business and talent acquisition in the areas such as marketing and technology as it currently has 14 people in Singapore, the Philippines and Cambodia.

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“We are confident that our suite of offerings and solutions would provide a seamless, fuss-free experience for suppliers and buyers to easily access, predict, and manage their funds. With the fresh funds raised, we will be able to unlock the next phase of Pilon’s growth and resolve complex challenges,” said Pilon CEO and Co-founder Eddie Lee.

Pilon allows Southeast Asian small and medium-sized enterprise suppliers and their corporate buyers to digitise their factoring processes. It also helps them access credit from financial institutions through cloud-based technology.

It aims to accommodate 1,000 more suppliers and collaborate with five banks or financial institutions in the region.

US$1 = S$1.32