On Tuesday, real estate crowdfunding platform CoAssets (NSX:CAX) announced it is expanding its operations by opening a second office in Singapore. This news comes just a couple months after the portal revealed details about its Australia expansion.
Co-founder and CEO of CoAssets, Getty Goh, stated:
“A series of successful projects and contract wins in the region has allowed us to expand our operations further beyond. With our second office here in Singapore and a fast growing team across the region, our capacity to serve businesses and provide them with alternative financing options have been greatly enhanced. We are extremely happy with the pace of our growth as it clearly shows that we have established confidence in CoAssets and our platform from both investors and business owners alike.”
Besides Australia and Singapore, CoAssets has offices in China, Indonesia, and Malaysia. Since its launch in 2013, the platform has secured more than $45m and facilitated more than 50 projects. For the fiscal year 2015, CoAssets claimed revenue of S$1,972,017, a 367% increase from the prior period of S$422,228. The company also stated it had generated a net profit after Tax of S$264,781 for the year.
Recently, CoAssets launched a new program for Aussie investors and offers new users the chance to trial investment crowdfunding for free through their virtual tokens campaign. Investors must register on the funding portal before June 10th to receive 1,000 virtual tokens, which may be used to investor in projects and receive real returns in cash.
CoAsset noted that this new Aussie program will not only educate the new and nervous investors about the ins and outs of debt-based crowdfunding, but also teach them how to make diversified investments.