Luminor Financial has acquired 58.41% of FundedHere, Singapore's first MAS-licensed crowdfunding platform, to expand its financing solutions for SMEs.

Target Information

Luminor Financial has successfully completed its acquisition of 58.41% of FundedHere, Singapore's first Monetary Authority of Singapore (MAS)-licensed equity and debt crowdfunding platform, as of February 1, 2023. Established in 2016, FundedHere has successfully raised approximately S$20 million across over 30 crowdfunding campaigns. This strategic acquisition enables Luminor Financial to diversify its offerings and remains aligned with its mission to provide innovative financing solutions to small and medium-sized enterprises (SMEs).

Industry Overview in Singapore

Singapore's fintech sector has witnessed significant growth over the past few years, driven by increasing demand for alternative financing options among SMEs. The Monetary Authority of Singapore has adopted a proactive approach to regulate and promote fintech initiatives, encouraging innovation within the industry. This rapid evolution in the financial sector allows platforms like FundedHere to thrive, as they cater to the financing needs that traditional banks often overlook.

The crowdfunding industry in Singapore benefits from a robust regulatory framework, ensuring compliance and fostering trust among investors and entrepreneurs. According to recent reports, crowdfunding platforms have become increasingly