Pilon raises $5.2m seed funding led by Wavemaker Partners

By Leandra Monteiro

Pilon, a Singapore-based FinTech firm that offers a cloud-based supply chain financing system, announced that it has successfully raised a seed round of $5.2 million led by Wavemaker Partners. The round also saw participation from Octava Pte Ltd and Polaris Kin Pte Ltd.

According to the company, Pilon will use the funds raised to improve its digital product offerings, expand its footprint in existing markets like the Philippines and Cambodia, and make their foray into either Vietnam, Thailand and Indonesia within the next one year.

“Pilon aims to bridge the gap and foster healthier relationships between buyers and suppliers which has been a longstanding concern. 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 Eddie Lee, Co-Founder and Chief Executive Officer of Pilon.

Founded in 2020, Pilon collaborates with banks and financial institutions in the Southeast Asia region that would like to digitalize their factoring processes. Pilon enables Southeast Asia’s small and medium-sized enterprises suppliers and their corporate buyers to digitize their factoring processes and unlock cash flow by accessing credit from financial institutions-all via web and mobile interfaces using a cloud-based engine.

“Small and medium-sized enterprises (SME) suppliers in emerging markets often face cash flow challenges due to the rigidity of the payment processes of their buyers. We were impressed with how Pilon’s platform helps suppliers get paid faster and with less friction, while providing buyers longer payment terms. SMEs that were traditionally excluded from the formal financial sector can now access much-needed financing to help them grow,” said Paul Santos, Managing Partner at Wavemaker Partners.