Fintech company Refy raises $525K pre-seed funding for green asset financing

Refy, a green asset fintech financier in Southeast Asia (SEA), secured a pre-seed investment of$525,000 from Wavemaker Impact (WMi). The investment will enable Refy to accelerate the deployment of small- and mid-sized green assets within the commercial and industrial (C&I) sectors. 

Focused on the $200 billion C&I sector in SEA, Refy aims to address the underserved market for green assets, including rooftop solar systems, wastewater treatment units, and electric vehicle (EV) charging infrastructure. One of its initial projects involves financing nearly 200 electric tricycles for GerWeiss Motors in the Philippines, contributing to the country’s shift toward electric transportation.

Despite growing demand, most green funds currently favor utility-scale projects, leaving smaller assets facing capital constraints. Refy plans to bridge this gap by offering tailored financing solutions and leveraging AI-enabled technology for streamlined project evaluation. 

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“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 vision to generate $100 million in revenue and mitigate 100 million tons of CO2 emissions, Refy aims to lead green asset financing in the region, facilitating the deployment of $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 (GtCO₂e),” said Steve Melhuish, founding partner at Wavemaker Impact. “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.”