Advance secures credit expansion boost

Financial technology company Advance has secured a P100-million loan facility from Cebuana Lhuillier to fuel the expansion of its credit services, particularly to employees and small to medium-sized enterprises (SMEs) across the country.

The loan will allow Advance to reach more individuals and businesses often underserved by traditional banks, improving access to much-needed capital.

Advance said over the weekend that the funding will enable it to offer more loans, particularly to individuals and businesses often underserved by traditional banks. 

Advance chief executive officer Jaime de los Angeles said the development will support the company’s thrust to expand its financial programs. 

“We are excited to work closely together and expand our coverage to more businesses needing growth capital through Advance’s financial programs,” he said. 

Bigger opportunity to thrive

“By joining forces, we are ensuring that more businesses have the opportunity to thrive and contribute to the economy. Together, we are fostering a more inclusive financial landscape,” he added.

Cebuana Lhuillier chief financial officer Cliff Cabungcal, meanwhile, expressed confidence in the partnership, emphasizing that the loan facility will help Advance unlock the growth potential of businesses across various industries.

Advance, a regional fintech company with operations in the Philippines and Vietnam, aims to support businesses and employees across Southeast Asia by promoting responsible access to finance.