SINGAPORE/MANILA — ADVANCE.AI’s Credit Bureau Philippines (ADVANCE.CBP) secured $4 million in seed funding from Archipelago Capital Partners.
ADVANCE.AI is a leading digital identity verification, compliance, and risk management provider in Southeast Asia while Archipelago Capital Partners is a Southeast Asia-focused private equity firm. Together, they will use the funding to launch credit bureau operations in the Philippines.
“We see the launch of ADVANCE.CBP is a significant step in advancing the Philippine financial services ecosystem,” said Jovasky Pang, CEO of Archipelago Capital Partners.
“This investment fits perfectly with our ethos of driving sustainable growth across Southeast Asia, creating value for local businesses and investors alike, and fostering growth in sectors that will benefit from rising income levels and increased consumer demand in the region.”
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“The investment from Archipelago Capital Partners reinforces our shared vision of establishing a credit bureau…,” said ADVANCE.CBP CEO Dennis Martin. “… that not only empowers lenders and borrowers but also strengthens and results in a more robust credit reporting and scoring infrastructure in the Philippines.”
“This long-term investment will help strengthen and develop a more equitable and inclusive financial ecosystem for all Filipinos,” Martin added.
ADVANCE.AI’s Philippine clients include banks and multi-finance companies. Moreover, it works with cooperative platforms like Traxion Tech, Inception Technology, and Skyro.
The company also serves large customers worldwide, such as Shopee, CIMB, Home Credit, and Standard Chartered.