AI Overseas Property Mortgage Matching Platform, HK Start-up, PropCap Raises $1.5M Series Pre-A Funding for Market Expansion in Japan, Australia and China.
HONG KONG, April 6, 2022 /PRNewswire/ — Propcap Technologies Limited (PropCap), a hong kong The lending market, which specializes in overseas real estate mortgage matching platform, expects to complete the pre-A series round in the first half of the year.
The next fundraiser is expected to start by April this year. Transaction size can be up to $2 millionto a goal of $12 million pre-money valuation, PropCap reached a price of $8.5 million after securing $506,000 in the second installment of October 2021.
The funding will be used for the expansion of the company in the United Kingdom, the creation of a subsidiary and the acquisition for the license of lending money in Japanexpand market entry in the Greater Bay Area (Mainland China) and Australia.
Neo CheungFounder and CEO said “The Japan office will be mainly installed in Tokyo. The Japanese hold about $12 trillion cash value of yen. PropCap could provide a lucrative return in a secured mortgage investment for cash-holding Japanese investors, while our mortgage matching platform also incentivizes Asian investors to enhance their real estate exposures around the world. »
These markets are brimming with potential given the founding team’s local networks, marketing intelligence and strong real estate sentiment.
Use of the product will also be reserved for proprietary platform upgrades on features, such as digital KYC, AI matching, and machine learning-based credit scoring system.
The investor plays a key role
Venture capitalists with a mandate in Reg-tech, Prop-tech or Funding investments are preferred, Louis Leesaid the co-founder and CDO, noting that the company hopes the new investor will play a key role in facilitating the company’s growth.
The company has already attracted strong initial interest from a handful of potential investors, including London-real estate technology venture capital firm Pi Labs and Alibaba Hong Kong Entrepreneurs Fund, noting that PropCap is selected as a top 100 for Alibaba Entrepreneurs Fund JUMPSTARTER 2022.
The total number of successful pairing deals is expected to reach 36-42 in 2022, adding that it had closed 12 cases in the last year since its product launched in March 2021. PropCap is confident of hitting the forecast as there are signs of huge interest from hong kong and mainland Chinese buyers in overseas real estate markets. In March 2022Propcap is the first batch of approved lenders in hong kong who is eligible to access the Greater Bay Area Cross-Border Data Mutual Recognition Platform. This helps boost business in Mainland China.
Incorporated in 2019, PropCap engages in mortgage lending platform operations for matching global lenders to global borrowers for overseas property purchases. Lenders, also known as investors, get a return of 6% to 10% per year with a term of less than two years, while borrowers could withdraw the loan 3 times faster than in traditional banks.
The company currently has four sources of revenue, including transaction fees, annual membership fees, professional services referral fees, and foreign exchange commission fees.
About Propcap Technologies Limited (PropCap)
PropCap, founded in 2019, is the first cross-border platform for secure real estate lending in Asia. In June 2021PropCap became a member of the Cyberport Hong Kong incubation program and recently enrolled in the Newchip Accelerator program in February 2022.
The founding team, including Ffounder and CEO – Neo Cheung, VSo-founder and CTO – Yao MaCo-founder and CDO Louis and Co-founder- Ian Wang.
Cheung knows Japan market with more than 14 years of career at Morgan Stanley, Tokyo, specializing in finance and real estate. Ma has been engaged in trading and fintech for over 20 years and has held various senior positions at Morgan Stanley, Credit Suisse, Barclays and BNP Paribas. Lee has over 17 years of experience in business development and distribution, product innovation and sales management with Convoy Global Holdings Ltd. Wong with a wealth of experience in the hedge fund industry, joined Kerry Group, Michael Sofaer and Sfund Int’l Asset Mgmt. ltd.
For more information, please visit the website: https://propcaptechnologies.com
SOURCE Propcap Technologies Limited