MANILA – More Filipinos are expected to benefit from the USD20-million loan facility secured by technology and data science firm, Oriente, from the Hong Kong-based multi-asset investment firm, Silverhorn Group.
Oriente, the parent company of app-based financial technology company Cashalo, said the loan facility can be raised to USD50 million and this would benefit Cashalo’s ability to extend more loans to individuals and micro-enterprises in the Philippines.
Oriente co-founder Geoffrey Prentice said they would use the facility, up to its maximum volume of USD50 million, to further grow and diversify their loan book in the domestic economy.
“This allows us to reach more Filipinos and continue to help unlock economic opportunities for consumers and MSMEs (micro, small and medium enterprises) beyond the communities we currently serve,” Prentice said in a reply to questions from the Philippine News Agency (PNA) on Monday.
He said they are set to introduce new products and partnerships in the Philippines this year and these are expected to result in “strong growth in delivering inclusive digital credit solutions to both consumers and MSMEs/SMEs.”
“Over the last year, we have already received an overwhelming response to our existing suite of inclusive products. Our app has been downloaded nearly seven million times and we’ve been able to serve nearly three million customers. In the coming year, we aim to expand our portfolio of services and their reach to millions more deserving Filipinos who remain underserved by the limits of traditional financial systems,” Prentice added.
In a recent statement, Oriente dubbed the facility as a landmark deal since “it is the largest debt financing with an institutional lender it has secured to date, which underlines the quality and bankability of its fast-growing loan book.”
It said this achievement would greatly benefit Filipinos who have less access to the formal financial system, citing the strong take-up on the app, which has been downloaded more than 6.5 million times since its launch 18 months ago and has helped more than 2.5 million consumers.
“As we enter the next stage of growth on our mission to helping ignite economic opportunity for tens of millions of consumers and micro-enterprises, the support we receive from our debt partners is critical. We look forward to strengthening our relationship with Silverhorn and invite other investors to join us as we accelerate our efforts to build the future of finance in Southeast Asia,” Prentice said. (PNA)