Online financing startup ApexPeak is planning to move into the Singaporean market as it completes the 88mph startup programme in Cape Town.
ApexPeak was one of ten startups who pitched on Thursday at the 88mph Demo Day as the conclusion to the 88mph startup programme.
According to co-founder John Fearon, the business model was set up with Singaporean regulations in mind despite its development through the startup programme in South Africa since February.
A first employee in Singapore was appointed shortly before the lead-up to Demo Day.
Priding itself in speed and efficiency with a focused product, the finance-supplying startup aims to deliver quick access to funds within approximately three days.
This is what they believe makes the difference as it is generally not possible at other institutions and banks.
Speaking to HumanIPO Gakim Solomons, co-founder at ApexPeak, said: “We provide the solution to the problem of the availability of money.”
The founders initially started with a model which corresponded with the ideas of Gumtree and eBay, but realised it would not work on the pathway to the country’s market as a result of testing.
“We had to make changes to the business model to adapt,” said Solomons.
The speed of the business service is also illustrated by its growth, as the five month-old startup believes it can be profitable within the next seven months.
“We are building a profitable business very fast,” Fearon said.
The owner of four other successful businesses, Fearon owes ApexPeak’s fast growth to the team’s experience of “knowing where to short circuit”.
“It took us about two minutes to write the business deal, because we know what is fair,” Solomons added.
ApexPeak aims to raise US$800,000 by the end of the month.
Although the business is offering an opportunity to investors to contribute to the next step of scaling the business, they have a structured funding plan which allows them to not be held back by financial challenges.
“We are confident to raise the money within our networks,” Fearon said.
“I have enough relationships in Singapore to raise the money so I don’t need South African investment.”
