Financing firm, Chocolate, secures US$15 million; company leader hints at potential continuation of quick payouts in the future.
In a recent development, Chocolate Finance, a popular digital banking platform based in Singapore, has announced that all withdrawals will now be processed within up to three business days, following the suspension of instant withdrawals four months ago due to an unprecedented surge in demand[1][2][3].
The surge led to customers withdrawing S$500 million in about two weeks, depleting around 40% of Chocolate Finance's assets under management. Previously, instant withdrawals were available for amounts below S$20,000 through a unique liquidity program, but this program is currently not available[2].
The CEO, Walter de Oude, has indicated that while instant withdrawals are not currently part of their standard offerings, the company is continuing to explore possible innovations in the withdrawal process. However, for the time being, they have found that a withdrawal processing time of up to three days is generally acceptable to customers[1].
Looking ahead, Chocolate Finance has secured US$15 million in new funding as of July 2025 from investors including Nikko Asset Management and returning investors like Peak XV and Prosus. This capital will support regional expansion, starting with Hong Kong in early 2026 after obtaining regulatory approval there. The company sees Hong Kong's regulatory and technological environment as similar to Singapore's, which should facilitate this launch[1].
Chocolate Finance's assets under management have not fully recovered, but have reached nearly S$900 million. The company is actively exploring ways to innovate in the withdrawal process as they expand, with a goal of improving withdrawal speed[1].
In March, Chocolate Finance suspended AXS payments on its debit card, leading to accusations of opaque communication from customers. However, the company is working to improve its communication and transparency moving forward[1].
In summary, while instant withdrawals are paused for now, Chocolate Finance is actively seeking innovative solutions and remains open to reintroducing them in the future once conditions allow[1][2][3]. The company's focus on regional expansion, starting with Hong Kong in Q1 2026, reflects its commitment to growth and innovation in the digital banking space.
References: [1] Channel NewsAsia. (2025, July 15). Chocolate Finance secures US$15m in fresh funding, eyes expansion into Hong Kong. Retrieved from https://www.channelnewsasia.com/business/chocolate-finance-secures-us15m-in-fresh-funding-eyes-expansion-into-hong-kong-3321176 [2] The Business Times. (2025, March 15). Chocolate Finance suspends instant withdrawals due to surging demand. Retrieved from https://www.businesstimes.com.sg/banking-finance/chocolate-finance-suspends-instant-withdrawals-due-to-surging-demand [3] The Straits Times. (2025, March 15). Customers accuse Chocolate Finance of opaque communication after AXS payment suspension. Retrieved from https://www.straitstimes.com/business/chocolate-finance-accused-of-opaque-communication-after-axs-payment-suspension
- Despite temporarily pausing instant withdrawals, Chocolate Finance, a digital banking platform in East Asia, is actively seeking innovative solutions in the withdrawal process and aims to improve speed as they expand, particularly in Hong Kong.
- As part of its expansion plans, Chocolate Finance, a Singapore-based company, has secured US$15 million in funding from investors like Nikko Asset Management and Peak XV, with a focus on entering the Hong Kong market for business growth and further investments in finance and investing.
