Funds will be used for loan capital, to enhance its proprietary technology platform, underwriting, and collections infrastructure, as well as to develop new products.
Through its pera247 mobile application launched in the Philippines in November last year, AsiaKredit currently provides unsecured small-ticket, short-term consumer loans for up to 90 days to the over 80 million unbanked and underbanked in the country with limited or no banking history. Designed to provide the shortest real-time credit decision by any platform on the market (where time-to-decision and-time-to-money is fulfilled within hours), pera247 uses data-driven credit assessment tools to analyse mobile behavioral data and other alternative sources of data to make fast and reliable credit decisions. The platform has since demonstrated rapid improvement in portfolio quality and reached product-level profitability within four months of its launch.
Within six months of its launch, AsiaKredit has processed over 100,000 loan applications, and is seeing over 100 per cent customer growth each month, with over 50 per cent repeat customers. Customers have the option to withdraw funds and make payments through over 10,000 cash centers. AsiaKredit is also looking to expand its service to other Southeast Asian markets.
“We are excited to have SIG on board. SIG has a proven track record in identifying winners in this space, having invested early in digital lenders that have later listed on NASDAQ and in companies at the forefront of alternative credit scoring in Asia." - AsiaKredit CEO and co-founder Mike Singh