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Back to Case Studies Hubble x AlteriQ Group Photo

June 27, 2024By Kelvin Tan

Hubble Secures US$5M from AlteriQ to Expand Asia's First Progress-to-Payment Platform for the Built Environment

Hubble, a technology company that is transforming progress and payments across the built environment industry, is pleased to announce that it has secured a new private debt facility with AlteriQ Global, an Asia-focused private credit investment firm with a strong edge in Southeast Asia, for US$5 million to accelerate the growth of its financial services division, Hubble.Financial. This funding marks a pivotal step in expanding Hubble’s full stack Progress-to-Payment Platform, an industry-first, fully integrated construction and financial management platform for the built environment.

Hubble’s full stack Progress-to-Payment Platform synergises the progress data insights from Hubble.Build, their flagship construction management division, with early payment solutions from Hubble.Financial, their specialised financial services division. This synergy empowers property developers and main contractors to confidently execute early payments at scale based on verifiable progress data and injects much needed liquidity into the built environment supply chain.

Subcontractors can now make requests for on-demand early payments from the main contractors based on progress claims and invoices. Streamlined application (less than 3 documents), 1 transparent fee and 1 day funding ensures quick and seamless early payment for subcontractors.

In addition, Hubble.Financial also partners with main contractors on pre-approved Early Payment Programs that dispense with the need for personal guarantees and also unveil the opportunity for the first of its kind early payments based on uncertified progress claims and retention sums. Given the current challenges within the construction sector, such as high-interest rates and increased costs for manpower and materials, Hubble.Financial offers a flexible and sustainable alternative to traditional financing. By providing immediate working capital, Hubble.Financial supports both main contractors and subcontractors with the necessary liquidity to navigate these challenges.

Since its inception in mid 2023, Hubble.Financial has demonstrated remarkable growth, with total invoices funded growing at 655% to reach over US$20 million across its projects. This number is expected to more than double in 2024 and beyond. With the latest funds from AlteriQ Global, Hubble.Financial is poised to accelerate its efforts to provide liquidity solutions for the built environment. The investment will also support Hubble.Financial's expansion into new industries extending beyond Singapore, broadening the reach of its transformative financial solutions.

Alan Wong, Executive Director at Hubble.Financial, expressed his excitement, stating, “The funding came at the right time of our growth trajectory in our factoring and Early Payment Solutions business. We believe with the combination of the core strength in both our digital capability and SME factoring experience, the benefits we can potentially bring to the industry’s supply chain funding sustainability would be immense.”

Heng Zhi Yong, Managing Director at AlteriQ Global, shared his confidence, remarking that “Hubble.Financial has grown the loan book steadily and has secured a number of strong anchor customers. Together with Hubble’s unique value proposition of combining an Enterprise SaaS digital platform together with a Fintech platform, we are confident that Hubble will continue to grow this business and improve the quality of the loan book with accurate progress data.”

Hubble x AlteriQ Group Photo

From left to right: Mr. Jay Wong (Senior Finance Manager, Hubble), Mr. Lin Shijing (Co-Founder and CEO, Hubble), Mr. Kenneth Tan (Managing Director, AlteriQ), Mr. Lance Low (Head of Operations, Hubble.Financial), Mr. Alan Wong (Executive Director, Hubble.Financial), Mr. Heng Zhi Yong (Managing Director, AlteriQ), and Mr. Peter Kristianto Widjaja (Co-Founder and CTO, Hubble).

About Hubble

Hubble is transforming progress and payments for the built environment industry. Founded in 2016, Hubble is on a mission to build the world’s first progress-to-payment platform by digitising and automating site processes to track and expedite progress, and enable on-demand liquidity through early payment solutions based on verifiable progress data. Today, we are proud to have digitised and automated more than 300 construction sites worth over $50 billion worldwide through Hubble.Build’s integrated construction management platform, and provided over $20 million worth of financing to our customers. Headquartered in Singapore and with offices in Vietnam, Malaysia, Indonesia, and the Philippines, we are used daily by over 100,000 users from 3,700 companies.

About AlteriQ Global

AlteriQ Global, a part of 9Basil Group, is an Asia-focused private credit platform committed to unlocking value and empowering growth. We serve as the financing partner of choice for our portfolio companies and ecosystem partners by providing creative financing solutions and access to our proprietary network and resources. Our mission is to deliver tailored capital solutions to our portfolio partners while minimising downside risk through our rigorous approach to due diligence and credit structuring.