- Philippine lending startup ProCredit raises $4.1M pre-seed round.
- ProCredit connects owners directly with decision-makers.
- The company will use the funds to grow its loan book and explore entering banking.
ProCredit raises $4.1M
ProCredit, a Philippine lending startup, has raised a $4.1 million pre-seed round to expand its services for the country’s small and medium enterprises (SMEs).
The funding was led by Integra Partners, with participation from several other notable investors.
With 99.5% of Filipino businesses being SMEs, there is huge demand for accessible financing.
However, 67% of SMEs struggle to obtain traditional bank loans.
ProCredit aims to solve this by connecting business owners directly with decision-makers, eliminating administrative obstacles.
The company also conducts on-site visits to assess loan viability and reduce risk.
How the money will be used?
The new capital will allow ProCredit to expand its loan book and explore entering banking to offer more solutions.
Founded in 2023, ProCredit’s team has experience from Citigroup, Standard Chartered, ANZ and Asian Development Bank.
The company represents an innovative approach to serving the large SME market in the Philippines.
To read the original article in its entirety: https://www.techinasia.com/phbased-sme-lender-nets-4m-preseed
