KK Fund, Kickstart Ventures invest in LoanSolutions, to advance its fintech business in PH

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LoanSolutions.ph team
LoanSolutions.ph team

Online loan services firm LoanSolutions has raised funds from the Singapore-based venture capital fund KK Fund (founded by Koichi Saito) and Kickstart Ventures Inc – a Philippine VC firm, which is a subsidiary Globe Telecom Inc.

A personal investment was also made by John Dang, CEO and co-founder of Philippine-based online realty marketplace ZipMatch.

Details about the funds raised were not disclosed.

LoanSolutions will use the funds to advance its fintech (financial technology) business by adding manpower and developing new product features. The company is now in its third year and has about 50 employees.

Also read: PH startups PawnHero, LoanSolutions tie up to enhance lending options

LoanSolutions CMO Kash Avena told DEALSTREETASIA in an interview that their aim is to develop new product features that will help the process of loan applications with lending institutions.

“We are currently developing our end-to-end service for banks and lending companies through expanding our network of Loansolutions Advisors, nationwide. They are our front-liners who take care of our borrowers in person or through the phone,” she said. “New product features are being developed for this. We are adding more senior members to the development and marketing teams. We want to keep the energy in the team on a continuous upswing.”

Also read: BPO founder invests $100k in PH fintech startup SCI

Kickstart Ventures president Minette Navarrete said they invested in LoanSolutions since “financial inclusion” is a key investment theme at Kickstart.

“If there’s one thing we’ve learnt about FinTech, is that it is frequently less about the ‘tech’ and more about the application of it: to serve real customers, to solve meaningful problems,” Navarrete said. “We care deeply about the promise of a better world through technology and LoanSolutions is an innovator that helps customers navigate the often unwelcoming world of personal loans.”

Also read: PH fintech Ayannah wins Rising Expo 2015 startup contest in Indonesia

LoanSolutions CEO and co-founder Jean-Patrick Bisson said LoanSolutions is able to create real value for all parties involved by empowering the borrower with choice and then empowering the lenders with data on the borrower.

“We are trying to disrupt the lending industry by empowering Filipinos to make educated borrowing decisions,” Bisson said.

LoanSolutions also has an exclusive partnership with Lenddo, a company which leverages social signals and big data to predict borrowing behaviour.

The partnership allows Loansolutions to verify its borrowers’ identity and trustworthiness, which is a key component in bringing down the cost of lending to provide more competitive rates for borrowers.

Only last May, LoanSolutions partnered with another Philippine startup PawnHero, the first online pawnshop in Southeast Asia (SEA). PawnHero won the Judges’ Choice Award in last Wednesday’s Echelon Asia Summit 2015 in Singapore.

Also read:

Philippines’ VMoney eyeing local, overseas deals to expand fintech business

Philippines’ fintech startup Satoshi Citadel acquires BuyBitcoin.ph