Hong Kong-based fintech startup Oriente has raised $50 million in its Series B funding round led by Henderson Land’s co-chairman Dr Peter Lee. The ongoing round was also joined by Israeli software company Wix.com and other existing investors, according to a statement.
Oriente is the parent company of Finmas, Cashalo and Finizi, three online lenders based in Indonesia, the Philippines and Vietnam respectively. Its technology covers real-time credit scoring, digital credit, offline-to-online (O2O) consumer finance, POS lending, and working capital financing for small entrepreneurs.
According to Oriente, it saw a 700 per cent growth in transactions and 20 per cent rise in merchant sales volumes year-on-year for 2019. It also claims to serve over 5 million users and 1,000 merchants across the Philippines and Indonesia – two of its strongest markets.
“The last 12 months have been a period of unprecedented growth at Oriente. This investment, which comes during a time of significant global economic turmoil, puts us in a strong position as we look to step up our efforts in a highly competitive sector,” said Geoffrey Prentice, co-founder of Oriente.
“Southeast Asia’s vastly underserved merchant consumer ecosystem has tremendous economic potential, and we are excited to power a more capable financial services infrastructure that is purpose-built to unlock this,” Prentice added.
This freshly-raised Series B capital will be used to expand its presence in Southeast Asia and develop its technology infrastructure, product and big-data capabilities to develop insights for its partners.
This round follows a recently announced $50-million debt facility secured from Silverhorn Group, a Hong Kong-based multi-asset investment firm. Prior to this, Oriente raised $105 million equity in November 2018 from the founders and a group of family offices including members of Malaysia’s Berjaya Group, the Philippines’ JG Summit Holdings, and Indonesia’s Sinar Mas.
Oriente was founded in 2017 by former Skype executive Geoffrey Prentice, former founding CTO and COO at LU.com Hubert Tai, and founder of BlackPine Private Equity Lawrence Chu.