Procredit Financing Corp, a Fintech start up which is part of a lending group funded by prominent VCs and business family offices based in Singapore and the Philippines has raised US$4.1 million pre-seed round of financing led by Integra Partners. Menardo Jimenez Family Office, M Venture Partners (MVP), Cento Ventures, Gobi Partners (Gobi-Core Philippine Fund), and several local angels also invested in pre-seed funding round.
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ProCredit plans to increase its loan book by means of both inorganic and organic expansion, as well as capital raised. The fintech company is planning to grow in the banking industry. As a result, ProCredit will be able to provide its Mid-Market-SME-Clients with a wider range of credit options.
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“We see it as the first step towards our goal of building a scalable financing business aimed at significantly improving access to credit for SMEs in the Philippines,” said, Adnan Agha, Procredit’s founder and president.
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“We rarely see such an experienced and thoughtful founding team positioned against such a large, underserved market opportunity. ProCredit will play a significant role in providing improved access to credit to the economy’s most important sector,” said Chris Kaptein, managing partner at Integra Partners.
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About ProCredit
Founded in 2023, ProCredit is a tech-enabled SME lender. Leveraging this deep domain expertise, its aims to become one of the largest SME lenders in the Philippines, employing a credit-first client engagement model, rules-based underwriting and portfolio management architecture, and flexible product offerings with risk-based pricing, all in service of providing best-in-class customer experience and closing the credit cap in the Philippines mid-market SME segment.
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