Singapore-based Fintech Startup Doxa Holdings Secures Funding from Cento Ventures, Eyes Expansion into Malaysia

• ByStartupStory     |    February 13, 2024

Doxa Holdings, a Singapore-based fintech startup providing a digital procurement platform for the supply chain space, has recently announced securing undisclosed funding from Cento Ventures. The company plans to utilize the funds to expand its operations into Malaysia.

Founded in 2019 by Edmund Ng, Leon Yeo, and Henry Kwan, Doxa aims to streamline and digitalize the workflow of buyers, suppliers, and financiers through its enterprise platform, Doxa Connex. The platform creates a single source of truth within a secure system architecture, enabling data authenticity and analytics. This helps buyers to trade seamlessly and financiers to assess and qualify financing, particularly targeting the construction industry.

“We set out years ago to solve real, present challenges a building contractor faced in Singapore and realized similar challenges exist in other industries such as logistics and healthcare. Hence, we are working on expanding our coverage for new kinds of customers and new geographies,” said CEO Edmund Ng.

Doxa has established partnerships with top-tier contractors in Singapore and has also ventured into the Indonesian market, starting with a customer in the healthcare industry. Through partnerships with Visa and top banks in Singapore, the company is now focusing on expanding to Malaysia through a collaboration with a key financial institution.

Cento Ventures highlighted that supply chain financing for SMEs in Southeast Asia often carries higher risks due to limited credit data and tools for credit decisioning. This results in lengthy risk assessment and underwriting processes for most SME financing applications. To address this challenge, Doxa is working on digitizing the procurement process, enabling financial institutions to leverage transaction data for providing invoice financing to SMEs.

“We invested in Doxa to help address these two challenges faced by SMEs when it comes to digitizing their procurement process as well as enhancing their accessibility for credit and financing from financial institutions,” said Cento in a statement. “A digital procurement platform like Doxa is essential for expediting and automating transaction cycles that often occur manually. It is also crucial in tracking and analyzing transaction data that are usually inaccessible to lenders — this could greatly improve credit accessibility for the supply chain industry.”

In 2022, Doxa raised US$2.2 million in a pre-Series A round, indicating a growing investor interest in the potential of the company’s digital procurement platform to revolutionize supply chain processes.

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