ADVANCE.AI’s Credit Bureau Philippines Secures $4 Million Seed Funding to Enhance Financial Inclusion
With this seed funding, ADVANCE.CBP aims to play a pivotal role in shaping the future of financial services in the Philippines.
Leading Southeast Asian-focused private equity firm Archipelago Capital Partners has granted $ 4 million in seed funding to Advance.AI’s Credit Bureau Philippines (ADVANCE.CBP), to launch its credit bureau operations in the country.
Advance.AI is “a leading artificial intelligence company that provides digital transformation, fraud prevention and process automation solutions for enterprise clients.” It has forged partnerships with over 500 clients in banking, financial services, fintech and retail sectors, and has established its presence in three continents.
ADVANCE.CBP has been chosen as a Special Accessing Entity (SAE) through an open tender process by the Credit Information Corporation (CIC). The unit aims to serve fintechs, digital banks, and thrift banks, and enhance financial inclusion in the Philippines, through high quality credit information and data.
“We see the launch of ADVANCE.CBP as a significant step in advancing the Philippine financial services ecosystem,” says Jovasky Pang, CEO of Archipelago Capital Partners. “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.”
‘A More Equitable and Inclusive Financial Ecosystem’
Archipelago Capital Partners adds, that they hope to help develop a more equitable and inclusive financial ecosystem in the country through the initiative. “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,” says Dennis Martin, CEO of ADVANCE.CBP.
Martin brings with him 25 years of experience in the credit reporting industry. He was previously Group CEO of CTOS Digital as well as managing director of Experian Southeast Asia.
In the Philippines, ADVANCE.AI serves a diverse clientele that includes banks, multifinance companies, and cooperative platforms such as Skyro, Inception Technology, and Traxion Tech. On a global scale, the company collaborates with major players like Standard Chartered, Shopee, CIMB, and Home Credit.
