V2Y Corporation secures $20m loan to bolster capital, explore new business

The group also plans to change its corporate name.

V2Y Corporation Ltd, a Singapore-based insurtech and third-party administration services provider, has secured financing of up to $20m from its interim executive chairman, Lang Jinjun, to bolster its working capital and explore new business opportunities.

The loan facility comprises two separate loan facilities: an interest-free loan of up to $15m and an interest-free, convertible loan of up to $5m.

The company intends to seek shareholders’ approval to diversify its existing core business into new sectors. The company will make further announcements on the proposed diversification in due course.

Additionally, it will also ask for shareholders' approval to change its corporate name, aiming to better reflect the new identity and business focus of the group.

V2Y Corporation also said it has taken steps to address its outstanding liabilities by entering into a debt conversion agreement with Ang Wei Yang Felix and Tang Zhaorui, in which new ordinary shares in its capital will be issued to the two in lieu of cash payments owed to them, amounting to $500k and $154k.

The group expects the funding arrangements and debt conversion exercises will help improve the group’s liquidity position and optimise its capital structure.

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