Business & Economy Startups ASX-listed crowdfunding platform CoAssets hits full profitable year, gaining US$1.32M

ASX-listed crowdfunding platform CoAssets hits full profitable year, gaining US$1.32M

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The company saw registered a 697 per cent jump from last year

CoAssets

Singapore-based ASX-listed company CoAssets, a crowdfunding platform for real-estate and small and medium businesses, has hit its first full profitable year, bringing in S$1.81 million (US$1.32 million) in positive gains — a significant improvement from 2017, when it made a loss of S$6.36 million (US$4.65 million).

These results were displayed in an annual report CoAssets filed for the ASX on June 30, 2018. The company got listed on the Australian stock exchange in 2016.

CoAssets’s revenue registered a 697 per cent jump, where it grew to S$5.83 million (US$4.27 million) in 2018, from S$730,000 (US$534,000) in 2017.

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Overall, the company’s net operating income surged to S$4.85 million (US$3.55 million) in 2018, from S$461,003 (US$337,000) in 2017 — a whopping 953 per cent increase.

A few factors contributed to CoAssets’s positive gains.

First, it was able to cut its operating expense by S$840,000 (US$615,000), or 14 per cent, to S$5.36 million (US$3.92 million).

Second, the company was able to secure more partnerships in the region; boost investor numbers; as well as help raise more funds.

Chinese investors on CoAssets collectively raised RMB58.94 million (US$8.65 million) worth of deals last year.

In Singapore, CoAssets disbursed more than S$18.56 million (US$13.6 million) worth of corporate loans with overall annualised weighted average returns of 24.11 per cent and a write-off rate of 1.19 per cent.

Also Read: China moves to block online payments for cryptocurrency on overseas exchanges

Last year, CoAssets expanded into Hong Kong. Over there, it acquired Fintech Pte Ltd (FPL), an online cash management platform, which raised HK$131 million (US$16.7 million) as of June 30, 2018.

CoAssets also acquired a 25 per cent stake in Brighten Finance Limited (BFL), helping the moneylender develop and launch an online lending platform. BFL loaned out HK$47.16 million (US$6 million) in the last 12 months.

Separately CoAssets has secured a S$2.2million (US$1.61 million) contract with NASDAQ-listed Sharing Economy International Inc (SEII) to develop and operate a fintech platform in Hong Kong.

“To put things in perspective, our Group’s results have demonstrated CoAssets’ ability to execute and turn things around. The past year is a testament to what CoAssets can offer to our investors, partners and clients,” said Getty Goh, CEO and Co-Founder of CoAssets, in a press statement.

“Moving ahead, we expect to provide more financial services to our registered member base and continue to grow our businesses around the region.”

CoAssets currently has 570,000 registered users, of which 90 per cent are from China. The platform currently serves 60,108 registered members in Singapore, of which 2.33 per cent are active investors.

Image Credit: CoAssets

The post ASX-listed crowdfunding platform CoAssets hits full profitable year, gaining US$1.32M appeared first on e27.

Source: E27

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