Fintech startup AsiaKredit raises pre-Series A from Fintonia; launches in PH

AsiaKredit, a Southeast Asia-focused fintech startup, has raised $675,000 in its combined pre-series A and seed funding backed by Fintonia Group  and FORUM even as it launched its online lending platform in the Philippines.

Beginning with the Philippines, AsiaKredit seeks to spread out to other countries across Southeast Asia with plans to expand into Indonesia in 2018.

FORUM is a Singapore-based fintech venture builder led by serial entrepreneur Greg Krasnov, while Fintonia Group is an early stage fintech investor in Southeast Asia led by former JobsDB CEO Adrian Chng. Space Ventures is also a partner of AsiaKredit.

Founded in 2017, AsiaKredit earlier announced the launch in the Philippines of its data-driven consumer lending platform delivered through its mobile application called pera247.

pera247 is a digital lending solution that aims to provide unsecured small-ticket, short-term consumer loans for up to 90 days to the country’s underbanked population with no existing credit or collateral history.

From its latest combined Pre-Series A and seed funding, AsiaKredit will use some of it for its operational working capital, and funding facility for its customer loans.

After its initial launch, it will seek to bring on board additional capital to expand its loan capital and operational balance sheets.

AsiaKredit co-founder and CEO Mike Singh said, the company seeks to become a strong player in the digital lending space across the emerging markets of Asia.

“We are excited to take consumer lending fully digital in the Philippines as we see a dynamic shift in consumer digital behavior to access financial services through mobile and online channels,” Singh said. “Through pera247, AsiaKredit has a huge opportunity to impact the lives of hundreds of millions unbanked clients in Southeast Asia, leveraging the high mobile penetration in the region to foster financial inclusion.”

AsiaKredit disclosed there are over 60 million Filipino adults in the Philippines, and only 20 million have a bank account, and three million have a credit card. It asserted that seven out of 10 Filipinos have the need for secure credit, mostly from informal lenders.

The startup’s pera247 platform uses big data to optimize the credit assessment process to make credit decisions. As part of its credit assessment process, pera247 will extract a selection of data points from both traditional and alternative sources of data, such as behavioral mobile data from an applicant’s smartphone.

Also read:

Singapore: CredoLab raises over $1m in pre-Series A round led by Fintonia Group

Coins Philippines gets $5m in Series A led by Quona Capital’s Accion fund

Philippines: JG Summit unit, China’s Oriente form fintech JV

Philippines: PawnHero bags $9.7m financing, partners PLDT fintech arm

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

Philippines: Kakao’s KVG backs fintech startup Satoshi Citadel

Philippines: Fintech firm Tagcash targets to raise $16m via ICO

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.