Hong Kong-based Oriente has collected $50m in a Series B round which will help the company to enter new countries, such a Vietnam.
The lead investor was Dr. Peter Lee, the co-chairman of Hong Kong property developer Henderson Land. Cloud-based website development platform Wix.com also contributed to the round.
With the capital injection, the company will look to boost growth in its existing markets as well as enter new markets. Funds will also be used to enhance its technology and build new big data capabilities which can generate deeper insights for partners.
The company witnessed strong growth last year, culminating in a 700% year-on-year growth in transactions. It also served over four million new users and delivered over 20% increase in sales volume for clients, it claims.
Oriente builds a range of solutions to improve digital financial services. Its products include cash loans, digital-credit, offline to online consumer finance, POS lending solutions, and working capital financing for SMEs and MSMEs.
The company currently supports more than five million users and more than 1,000 merchants across the Philippines and Indonesia.
Oriente co-founder Geoffrey Prentice said, “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.”
The company’s initial funding round was a $105m investment back in 2018. Funds were supplied by its founders, and a group of family offices including the Berjaya Group, JG Summit Holdings, and Sinar Mas.
Earlier in the year, the company also secured a $50m debt facility from Silverhorn Group.
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