Malaysian Firms to Invest $1.2 Million in Digitec Platform

Malaysian Investment Firms Partner with Digitec Solutions

Crewstone International and Mirai Bridge Capital (MBC), two Malaysian investment firms, have collaborated on a co-investment agreement with Thirty Three Digitec Solutions, a non-bank financing platform, with an initial investment of 5 million ringgit ($1.2 million) from Crewstone.

According to the companies, the investment aims to expand Digitec’s private credit platform, which has already facilitated over 130 million ringgit ($32 million) in financing.

As licensed private equity management corporations in Malaysia, Crewstone and MBC have teamed up with Digitec, which works with over 30 licensed money-lending partners approved by the Ministry of Housing and Local Government.

Although the details of MBC’s investment remain undisclosed, Digitec currently supports around 83,000 borrowers and handles approximately 8,000 applications monthly, catering to gig workers, micro-entrepreneurs, and individuals with limited conventional credit histories.

This partnership highlights the benefits of collaboration, enabling companies to leverage each other’s strengths and networks to achieve greater outcomes, as seen in the cooperation between Digitec’s operational capabilities and the investment strategies of Crewstone and MBC.

Digitec anticipates a 40% growth in its borrower base over the next 12 to 18 months, following the investment.

The deal marks a significant addition to Crewstone’s portfolio of private credit investments in financial services companies, where it has previously invested over 30 million ringgit.

The investment agreement includes personal guarantees from key members of Digitec’s management team and a corporate guarantee from MBC, as stated in the announcement.

Keng Fai Wong, Chief Executive of Crewstone, noted that the partnership combines the firm’s capital and growth expertise with MBC’s experience in the platform.

As part of a larger financing ecosystem, Digitec has contributed to over 500 million ringgit in financing transactions over the past three to five years, according to the statement.