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Refy secures US$525,000 pre-seed funding to reimagine green asset project financing in Southeast Asia

SINGAPORE, 27 FEBRUARY 2024 – Refy, Southeast Asia’s (SEA) pioneering green asset fintech financier, announces a significant milestone in its journey to catalyze the deployment of non-utility scale green assets in the region. The company has successfully secured a pre-seed investment of US$525,000 from Wavemaker Impact to accelerate its mission of unlocking the market for small- and mid-sized green assets within the commercial and industrial (C&I) sectors. This funding will be deployed to execute secured pilot projects, develop its technical platform, and assemble a specialized team with experience in green assets and industrial projects.

The market for small to mid-scale green assets remains vast and largely untapped, encompassing rooftop solar systems, wastewater treatment units, and electric vehicle (EV) charging infrastructure. In Southeast Asia alone, this sector is estimated to represent a US$200 billion market. However, despite the burgeoning demand from C&I companies, over 80% of green funds are currently allocated to utility-scale decarbonization projects.

Green assets often face deployment challenges or delays due to capital constraints among C&I companies and the difficulties project developers encounter in securing necessary funds. Refy sees a significant opportunity to increase the bankability of these smaller green assets by supporting high-potential green asset project developers in two main ways:

  1. By providing innovative and flexible financing solutions to developers tailored to the nature and risk of the assets
  2. Offering an AI-enabled technology platform that streamlines due diligence and project evaluation processes


Investors can leverage our technology platform to assess incoming projects for quality and returns, facilitating access to proprietary deal flow and enhancing the bankability of green asset projects across Southeast Asia and beyond.

“Securing this pre-seed funding validates Refy’s vision and our commitment to transforming green asset project financing.” says Ed Chin, CEO and Founder of Refy. “Tackling climate change requires action that goes beyond rhetoric, and this support ensures that no worthy green project goes undeveloped due to financial constraints.”

With a strategic focus on the US$200 billion C&I sector market in Southeast Asia, Refy will adopt a multi-asset approach, initially targeting Malaysia, the Philippines, and Vietnam before expanding across the region. With a vision to achieve US$100 million in revenue and mitigate 100 million tons of CO2 emissions in the future, Refy aims to become the leading green asset financier in Southeast Asia, facilitating the deployment of US$70 billion worth of green assets over the next decade.

“Greenhouse gas emissions from Asia’s emerging market and developing economies today are approximately 5 Gigatonne CO2 equivalent (GtCO2e1). Refy’s mission to catalyze the deployment of green assets that yield both operational improvements and decarbonization outcomes is much-needed, especially within hard-to-abate industry sectors,” said Steve Melhuish, Founding Partner at Wavemaker Impact.

“Ed’s past experiences in asset financing, combined with his deep passion for Impact, is a potent combination to realize Refy’s potential in becoming Southeast Asia’s largest green asset financier. We’re excited to lead this investment in Refy.”


About Refy
Refy (“Refy”) is the inaugural AI-powered fintech platform in Southeast Asia. It offers a unique blend of asset-based financing solutions tailored to project developers and investors, facilitating the swift deployment of small- and mid-scale green assets. By prioritizing decarbonization, Refy strives to eliminate barriers to project deployment stemming from issues related to bankability, thereby fostering a future where every green initiative can materialize.

*Photo: Refy CEO Ed Chin (Left) with Bashir Ahmad (Middle) CEO and Co-Founder of Liquinex, Singapore-based Water-Wastewater Project Developer

  1. Carbon dioxide equivalent or CO2e refers to the number of metric tons of CO2 emissions with the same global warming potential as one metric ton of another greenhouse gas

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