SINGAPORE & MANILA, 22 October 2024 - ADVANCE.AI's Credit Bureau Philippines (“ADVANCE.CBP”), has secured USD4 million seed funding from Archipelago Capital Partners, a leading Southeast Asia-focused private equity firm, to launch credit bureau operations in the Philippines.
Selected as a Special Accessing Entity (SAE) through an open tender process by the Credit Information Corporation (CIC), ADVANCE.CBP aims to serve fintechs, digital banks, and thrift banks in its mission of enhancing financial inclusion through high quality credit information and data in the Philippines.
“We see the launch of ADVANCE.CBP as a significant step in advancing the Philippine financial services ecosystem,” said 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.”
"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,” said Dennis Martin, CEO of ADVANCE.CBP.
Martin, who has 25 years of experience in the credit reporting industry, was previously Group CEO of CTOS Digital as well as managing director of Experian Southeast Asia.
In the Philippines, ADVANCE.AI's clients range from banks, to multifinance companies, to cooperative platforms including Skyro, Inception Technology, and Traxion Tech. Globally, ADVANCE.AI serves large customers such as Standard Chartered, Shopee, CIMB, and Home Credit.
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About ADVANCE.AI
ADVANCE.AI is Southeast Asia's leading provider of digital identity verification, compliance and risk management solutions. Headquartered in Singapore, it currently partners 500+ enterprise clients across banking, financial services, fintech, payment, retail and e-commerce sectors. ADVANCE.AI was named ASEAN Fintech winner at the 2023 Singapore Fintech Festival Global Fintech Awards for its risk management technology. Founded in 2016, ADVANCE.AI is part of Advance Intelligence Group, which is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital, Pavilion Capital, GSR Ventures and Singapore-based global investor EDBI.
