Philippines: 500 Startups-backed Acudeen bags $6m fintech financing deal

Rizal Microbank pesident Bong Roxas (left), and Acudeen CEO Magellan Fetalino III.

Early-stage fintech firm Acudeen Technologies has sealed a $6 million (P300 million) financing deal with Rizal Microbank, a unit of Philippine-listed Rizal Commercial Banking Corp (RCBC).

Rizal Microbank president Bong Roxas, who announced the deal on Friday (June 23) together with Acudeen CEO Magellan Fetalino III, said the money will finance the invoices and receivables to the startup’s network of small and medium enterprises (SMEs), as well as micro-SMEs (MSMEs) in the Philippines.

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