ADVANCE.AI’s Credit Bureau Philippines Secures $4M Seed Funding

ADVANCE.AI’s Credit Bureau Philippines (ADVANCE.CBP) has secured $4 million in seed funding from Archipelago Capital Partners to support the launch of its credit bureau operations in the Philippines.

The funding, announced on Oct. 22, 2024, will allow ADVANCE.CBP to enhance financial inclusion by providing high-quality credit information and data services to fintechs, digital banks, and thrift banks in the country. The company was selected as a Special Accessing Entity (SAE) by the Credit Information Corporation (CIC) through an open tender process.

“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. He noted that the investment aligns with the firm’s focus on driving sustainable growth in Southeast Asia, particularly in sectors benefiting from rising consumer demand.

Dennis Martin, CEO of ADVANCE.CBP, emphasized the importance of the investment in building a more equitable financial system in the country. “This long-term investment will help strengthen and develop a more inclusive financial ecosystem for all Filipinos,” Martin said. He brings 25 years of experience in credit reporting, having previously served as Group CEO of CTOS Digital and managing director of Experian Southeast Asia.

ADVANCE.AI, a Singapore-based fintech company, already serves a wide range of clients in the Philippines, including banks, finance companies, and cooperative platforms like Skyro, Inception Technology, and Traxion Tech. Globally, the firm provides services to major brands such as Standard Chartered, Shopee, and Home Credit.

With this funding, ADVANCE.CBP aims to enhance the country’s credit reporting infrastructure, empowering both lenders and borrowers, and contributing to a more robust financial system.