AsiaKredit, a digital consumer lender focused on Southeast Asia, has raised USD2.5m in funding.
The most recent investment round was led by global technology investment firm SIG Asia Investments. It follows a pre-series A and seed funding from FORUM, a fintech venture builder in Emerging Asia; Fintonia Group, the leading early-stage fintech investor in Southeast Asia; as well as Reliance Indonesia Group and Space Ventures.
The company intends to use the funds for loan capital, to enhance proprietary technology platform, expand underwriting and collections infrastructure, and launch new products.
Led by Mr. Michael Singh, chief executive officer and co-founder, AsiaKredit offers pera247, a mobile application launched in the Philippines in November last year, which provides unsecured small-ticket, short-term consumer loans for up to 90 days to the over 80 million unbanked and underbanked in the country with limited or no banking history. Pera247 uses data-driven credit assessment tools to analyze mobile behavioral data and other alternative sources of data to make fast and reliable credit decisions.
Within six months of its launch, AsiaKredit has processed over 100,000 loan applications. Customers have the option to withdraw funds and make payments through over 10,000 cash centers.