CapBay

What CapBay does

CapBay (legally Bay Smart Capital Ventures Sdn Bhd, formerly CapitalBay) is a Malaysian fintech founded in 2016 that operates a supply chain finance and peer-to-peer (P2P) lending platform headquartered in Petaling Jaya, Selangor. The company serves Malaysian small and medium enterprises (SMEs) with limited access to traditional bank credit by offering invoice financing (up to RM3 million, 80% margin, 120-day tenor), working capital financing (up to RM150,000), secured financing against property (up to RM25 million), purchase order financing, letter of credit and bank guarantee facilities, and parallel Shariah-compliant variants using Commodity Murabahah (Tawarruq) and Wakalah contracts. As of 2026 the platform reports facilitating over RM5.4–5.6 billion in financing across 41,000+ transactions and 2,500–2,600+ underserved Malaysian SMEs spanning 20+ industries.

The platform's technology layer combines an AI- and data-driven credit scoring model — which evaluates the creditworthiness of buyers in the supply chain rather than only the borrower — with a multi-funder open architecture that aggregates capital from a retail P2P investor base (minimum RM10,000, with Auto Invest profiles and a secondary market), institutional partners (Kenanga Capital Islamic, HSBC Malaysia social loan), government-backed channels (SME Corp. Malaysia RMK13 and BERKAT programmes, TERAJU i-WCPF for Bumiputera companies, CGC Digital Guarantee Scheme), and corporate anchors (Telekom Malaysia, Pharmaniaga via the CrediBill healthcare receivables subsidiary). CapBay is the only Malaysian operator with dual licences from Securities Commission Malaysia for both Multi-Bank Supply Chain Finance (MBSCF) and P2P Financing.

CapBay earns primarily transaction-based revenue: origination fees (1.5% per drawdown) and processing fees (2.5% one-off) on invoice financing, processing fees (5%) plus monthly profit rate retention on working capital facilities, service fees retained from investor yields on P2P notes, and arrangement/platform fees on institutional capital deployment. The company was funded in 2017 (US$477k seed from KK Fund) and again in December 2021 with MYR30 million (~US$7.1 million) from Kenanga Capital Islamic, and has been recognised by CNBC-Statista as a World's Top Fintech Company for three consecutive years (2023-2025).

Name

CapBay

Legal name

Bay Smart Capital Ventures Sdn Bhd

Website

https://capbay.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

CapBay is a Malaysian Securities Commission-licensed supply chain finance and P2P lending platform serving underserved SMEs with invoice, working capital, secured, and Shariah-compliant financing, while offering retail investors automated P2P note investment products.

Ownership category

akta.pro rank

Product category

Supply Chain Finance

NAICS

Sales Financing (522220), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Supply Chain Finance (Trade Credit, PO/Inventory Financing) (FSAKAGAE)

akta.pro secondary industries

P2P Loan Syndication & Participation Platforms (FSAKAHAL), Merchant Cash Advance (MCA) Marketplaces (FSAKAHAI)

Keywords

• Supply chain financing
• P2P lending
• SME financing
• Invoice factoring
• Shariah-compliant financing

Headquarters

HQ city

Selangor

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Invoice Financing Fees: CapBay charges origination fees (1.5% per drawdown) and processing fees (2.5% one-off on approved facility limit) on invoice financing transactions. These fees are earned at the point of financing disbursement.
2. P2P Platform Service Fees: CapBay retains a service fee from the interest earned by investors on the P2P platform. The platform connects SME borrowers directly with investors, facilitating financing notes backed by trade receivables.
3. Secured Financing Fees: Fees on collateral-backed term financing and revolving credit facilities, including processing fees and potential early settlement fees within the 12-month lock-in period.
4. Working Capital Financing Fees: Processing fee of 5% on approved facility (one-off) plus monthly profit rates (0.8%-1% p.m.) on working capital financing for Sdn Bhd and Berhad companies.
5. Capital Deployment from Institutional Partners: CapBay acts as a financing intermediary, facilitating capital from institutional partners (Kenanga Capital Islamic MYR30M investment, HSBC Malaysia social loan) into SME financing, earning platform and arrangement fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels8 records

Core offering

CapBay operates a regulated peer-to-peer supply chain financing platform that provides Malaysian SMEs with access to invoice financing, secured financing, working capital financing, Islamic (Shariah-compliant) financing, and government-programme financing. On the investor side, the platform enables individual and institutional investors to fund SME financing notes backed by trade receivables through an SC Malaysia-licensed P2P platform, with automated portfolio allocation and reserve-fund-backed principal protection.

Product overview

CapBay is a comprehensive supply chain finance and peer-to-peer (P2P) lending platform offering multiple financing solutions for Malaysian SMEs. The platform operates through three core product lines: (1) SME Financing encompassing Invoice Financing, Secured Financing, Working Capital Financing, and Islamic Financing options including Purchase Order Financing, Letter of Credit Financing, and Bank Guarantee Financing; (2) P2P Investment Platform including CapBay P2P, CapBay Plus, CapBay Assure, and Secondary Market for investor liquidity; and (3) CrediBill for invoice management. The company also administers government programmes including SME Corp BERKAT Programme, SME Corp RMK13 Programme, and TERAJU i-WCPF Programme for Bumiputera companies. CapBay is registered with Securities Commission Malaysia and offers both conventional and Shariah-compliant financing options.

Differentiator

Problem solved

Functional benefit

Products and services

• CapBay P2P Investment Platform SC Malaysia-licensed P2P platform enabling individual and institutional investors to invest in financing notes backed by SME trade receivables, with minimum RM10,000 initial top-up and automated risk-profile-based Auto Invest across Conservative, Moderate, and Aggressive profiles.
• Invoice Financing Supply chain finance solution providing SMEs financing of up to RM3 million against outstanding invoices with 80% financing margin, tenure up to 120 days, profit rates from 1% p.m., a one-off 2.5% processing fee, and a 1.5% origination fee per drawdown.
• Secured Financing Property-backed term financing and revolving credit facility up to RM25 million for Malaysian SMEs, with financing charges as low as 8% p.a., margin of finance up to 200% of property or land value, term financing tenor up to 36 months, and revolving credit up to 120 days.
• Working Capital Financing Working capital financing up to RM150,000 for Malaysian Sdn Bhd and Berhad companies with profit rates as low as 0.8% p.m., 100% financing margin, tenure up to 24 months, a one-off 5% processing fee, and no collateral required.
• Islamic Financing (Shariah-Compliant Supply Chain Finance) Shariah-compliant supply chain financing using Commodity Murabahah (via Tawarruq arrangement) and Wakalah contracts, certified by a recognised Islamic certification body. Financing limits up to RM5 million with up to 90% advance margin (up to 100% for Machinery & Tech MET-i), and profit rates from 0.92% p.m. for catering/cleaning contracts.
• Purchase Order Financing Supply chain finance solution that funds SMEs' procurement of raw materials or stock needed to fulfil confirmed customer purchase orders, enabling them to take on larger contracts without cash flow constraints.
• Letter of Credit Financing Trade finance solution enabling Malaysian SMEs to fulfil projects requiring letters of credit issued by financial institutions, leveraging CapBay's SC Malaysia licences.
• Bank Guarantee Financing Guarantee facility that supports Malaysian SMEs in obtaining bank guarantees required for projects and contracts, supporting their participation in larger tenders and corporate engagements.
• CapBay Assure (Guaranteed Return P2P Plan) P2P investment plan offering guaranteed net returns up to 6% p.a. backed by a reserve fund (maintained at an 8%+ coverage ratio) that protects investors' principal and interest against issuer default.
• CapBay Plus Standalone P2P investment promotion paying investors a 2% p.a. cash bonus on undeployed cash balance in their CapBay portfolio.
• CrediBill (Invoice Management Solution) Invoice management and receivables financing solution that enhances payment flexibility for SMEs in the healthcare supply chain, integrating invoice financing with pharmaceutical distribution partners such as Pharmaniaga.
• i-WCPF Programme (TERAJU Islamic-Working Capital Project Financing) Shariah-compliant working capital project financing for Bumiputera companies under the TERAJU i-WCPF Programme, covering pre and post invoice financing, tender support letters, performance bonds, work insurance, term loans, revolving credit, and machinery/equipment/technology financing.
• SME Corp. BERKAT Programme Government-subsidised financing programme under SME Corp. Malaysia offering up to RM30,000 at 3% p.a. fixed rate with up to 30% rebate for Malaysian Chinese-owned micro and small enterprises, with zero collateral and zero platform/processing fees.

Quantifiable outcome

• RM5.6 billion total funded to 2,600+ underserved SMEs across 41,000+ transactions in 20+ industries
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• CGC DigitalcoreStrategic or Co-development Partner · 8 April 2026CapBay and CGC Digital launched a Digital Guarantee Scheme for Malaysian MSMEs — the first dual-facility offering under CGC Digital providing both Islamic and conventional financing. The scheme offers loans of RM50,000 to RM500,000 with repayment periods up to 60 months and reduced interest rate ceilings, targeting businesses with at least 51% Malaysian ownership. CapBay leverages CGC Digital's guarantee to serve underserved MSMEs.
• Telekom Malaysia Berhad (TM)minorStrategic or Co-development Partner · 1 January 2020Telekom Malaysia selected CapBay as its fintech partner for TM's Vendor Financing Programme in 2020, enabling TM's vendors and suppliers to access supply chain financing through CapBay's platform.
• TERAJU (Superb Entities Authoriti LEAP)coreStrategic or Co-development PartnerTERAJU, under the Ministry of Entrepreneur Development and Cooperatives (KUSKOP), partnered with CapBay to operate the Islamic-Working Capital Project Financing (i-WCPF) Programme for Bumiputera companies. i-WCPF provides swift and convenient Shariah-compliant SME financing using the Tawarruq concept, covering pre and post invoice financing, tender support, performance bonds, machinery/equipment financing, and more.
• SME Corp. Malaysia (Perbadanan Perusahaan Kecil, Sederhana & Makro)coreStrategic or Co-development PartnerSME Corp. Malaysia, under KUSKOP, partnered with CapBay on the RMK13 Financing Programme (3.5% fixed rate, up to 30% rebates) and the BERKAT Programme (RM30 million government allocation at 3% p.a. for Malaysian Chinese-owned SMEs). These programmes expand financing access for underserved Malaysian micro, small and medium enterprises through subsidised rates and government-backed rebates.
• PharmaniagacoreStrategic or Co-development PartnerPharmaniaga and CapBay's CrediBill subsidiary collaborated to enhance payment flexibility for Malaysia's healthcare SMEs. CrediBill provides invoice financing solutions specifically for Pharmaniaga's pharmaceutical distribution supply chain, enabling faster payments to SME suppliers within Pharmaniaga's network.

Scale indicators10 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Funding Societies: SEA-headquartered P2P/Marketplace lending platform operating across Malaysia, Singapore, Indonesia and Thailand. Directly competes with CapBay for Malaysian SME borrowers and P2P investors under the same SC Malaysia regime.
• Modalku: Indonesian P2P lending platform that similarly focuses on supply chain and working capital finance for SMEs, using both investor capital and institutional funding to underwrite trade receivables and SME loans.
• Validus: Singapore-based P2P platform providing invoice financing and SME working capital with both retail investor participation and institutional partners, operating in overlapping SEA markets.
• KoinWorks: Indonesia-focused fintech platform offering P2P lending and supply chain financing to SMEs, with similar product breadth (invoice financing, working capital) and a marketplace-style funder model comparable to CapBay.
• Crowdo: Singapore-headquartered P2P and supply chain finance platform active in Malaysia, Indonesia and Singapore, competing for both SME borrowers and retail/institutional P2P investors in the region.

Broad incumbents

• HSBC Malaysia: Global bank with established Malaysian SCF and trade finance operations, including its first social loan to CapBay. Overlaps with CapBay in providing supply chain and working capital financing to Malaysian corporates and their SME suppliers.
• Kenanga Investment Bank: Malaysian investment bank whose Kenanga Capital Islamic subsidiary invested in CapBay and competes broadly in Islamic financing and SME capital markets across Malaysia.

Emerging players

• Aspire: Singapore-based fintech providing working capital, business accounts and embedded finance to SMEs in Southeast Asia, with partial overlap to CapBay's SME working capital and invoice financing offerings.

Others

• Credit Guarantee Corporation Malaysia (CGC): Malaysian federal credit guarantor that partners with CapBay through the Digital Guarantee Scheme; CGC provides guarantee infrastructure rather than direct lending, but is a complementary channel for reaching underservable MSMEs.
• TERAJU: Malaysian Bumiputera development agency under KUSKOP that operates the i-WCPF programme through CapBay. Adjacent rather than competing, but shares the same mandate to channel capital to underserved Malaysian SMEs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CapBay