Singapore-based peer-to-peer lending platform SeedIn has rebranded as Bridge and plans to expand into Indonesia.
Bridge, which is mainly focused on supporting local small- and medium-sized enterprises (SMEs), said the new name aims to better reflect its mission and objectives.
According to Fintechnews Singapore, the platform is in the process of securing the relevant regulatory permissions to expand its operations into Indonesia.
“With our new identity as Bridge, we want to better reflect our core interest: to be the bridge where every investor and SME meet and enable one another’s growth,” the platform said in a blog on its website.
The platform has helped finance more than S$72m (£40.7m) in capital to Singapore-based SMEs since its launch in 2014.
Bridge helps firms with their long-term goal of maintaining operations and offers a way for businesses to acquire financial support.
The rebrand follows Bridge’s recent memorandum of understanding with V3 Fintech looking to improve the liquidity options for SMEs and help to educate them on how to address funding gaps.
“The Covid-19 outbreak has caused many companies to face deteriorating business conditions and cash flow liquidity crunches,” said Kevin Wong, chief executive of Bridge.
“Our rebranding effort is to better reflect our mission to serve Singapore’s SMEs.”
Similarly, Robocash Group, which launched into Singapore last year, is planning a stock market float to expand into another country with a launch of a digital bank in the Philippines.