The Hong Kong-based fintech firm has secured a $20 million debt funding facility, which will be used to grow its reach in the Philippines.
Oriente has secured a $20 million debt funding facility, which could go up to $50 million, from Hong Kong-based asset management firm Silverhorn Group, the company announced on Tuesday.
Oriente said the facility will be used to grow its loan book and extend the reach among consumers and micro-enterprises in the Philippines, where it operates Cashalo, a fintech platform that delivers digital credit.
«As we enter the next stage of growth on our mission to helping ignite economic opportunity for tens of millions of consumers and micro-enterprises, the support we receive from our debt partners is critical,» said co-founder Geoff Prentice, who is also known for being a Skype co-founder and chief strategy officer.
Fast Growth
Cashalo has seen rapid take-up since it was launched in 2017, with 20 percent month-on-month growth. According to the firm, it has a user base of over 2.5 million consumers and has also helped over 1.5 million previously «credit-invisible» Filipinos build their financial identities.
Oriente's other co-founders are Hubert Tai, former chief technology officer and chief operating officer of online wealth management platform Lufax, and Lawrence Chu, founder of BlackPine Private Equity.
The company, which raised $105 million in 2018 in one of the largest initial funding rounds by any start-up in Asia, is backed by Berjaya Group, JG Summit Holdings, and Sinar Mas.
