SINGAPORE (Jan 25): Financial technology platform tryb Group has received a US$30 million ($39 million) investment from Singapore-based private equity fund, Makara Innovation Fund, to acquire, develop and scale up growth stage financial technology (fintech) companies.
Photo: Makara Innovation Fund’s director of investments Kelvin Tan (centre), with tryb Group co-founders Veiverne Yuen (left) and Markus Gnirck
With a focus on SME lending, trade finance and micro-credit, tryb is looking to accelerate its development of a scalable fintech platform in Asean that bridges international capital market investors with the region’s underserved consumers and businesses.
“As a technology-driven company that leverages its defensible IP portfolio as a strategic asset, tryb signifies a unique investment value proposition,” says Kelvin Tan, director of investments at the US$717 million Makara Innovation Fund.
“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,” he adds.
According to Deloitte, less than 60% of small and medium enterprises (SMEs) in Asean have access to bank loans, and nearly half are unserved or underserved by financial institutions.
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.
tryb says this will enhance efficiency, lower the cost of capital, and effectively connect global capital with end consumers across the growth markets of Asia.
“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,” says Markus Gnirck, co-founder and chief executive officer of tryb.
“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,” he adds.
