ADVANCE.CBP, the credit bureau of Singapore-based tech startup ADVANCE.AI, has secured $4 million in seed funding from Southeast Asia-focused private equity firm Archipelago Capital Partners.
“The investment from Archipelago Capital Partners reinforces our shared vision of establishing a credit bureau that not only empowers lenders and borrowers but also strengthens and results in a more robust credit reporting and scoring infrastructure in the Philippines. This long-term investment will help strengthen and develop a more equitable and inclusive financial ecosystem for all Filipinos,” ADVANCE.CBP Chief Executive Officer (CEO) Dennis C. Martin said in a statement on Tuesday.
ADVANCE.CBP was selected as a special accessing entity (SAE) through an open tender process by the Credit Information Corp. (CIC). The credit bureau aims to serve financial technology companies, digital banks, and thrift banks.
The funding will aid the launch of ADVANCE.CBP in the Philippines. CIC and ADVANCE.AI partnered in August and aim to launch ADVANCE.CBP here in the fourth quarter.
“We see the launch of ADVANCE.CBP as a significant step in advancing the Philippine financial services ecosystem. This investment fits perfectly with our ethos of driving sustainable growth across Southeast Asia, creating value for local businesses and investors alike, and in fostering growth in sectors that will benefit from rising income levels and increased consumer demand in the region,” Archipelago Capital Partners CEO Jovasky Pang said.
ADVANCE.AI’s clients in the Philippines include banks, multi-finance companies, and cooperative platforms such as Skyro, Inception Technology, and Traxion Tech.
Meanwhile, CIC is 60% owned by the government while the remaining 40% stake is held by the Bankers Association of the Philippines, the Chamber of Thrift Banks, the Rural Bankers Association of the Philippines, Philippine Cooperative Center, and the Credit Card Association of the Philippines. — Aaron Michael C. Sy
