Hong Kong-headquartered merchant and consumer credit financing platform Oriente has has secured a fresh capital injection of approximately $50 million in its on-going Series B funding round.
The firm provides access to a range of financial services, including cash loans, digital credit, offline to online consumer finance, POS lending, and working capital financing for SMEs and MSMEs.
In 2019, Oriente recorded 700% year-on-year (YoY) growth in transactions, serving over five million users and over 1,000 merchants across the Philippines and Indonesia.
The company says the new capital will be used to fuel growth in Oriente’s existing markets and drive expansion into new markets such as Vietnam.
New investors in the firm include Peter Lee, co-chairman of Hong Kong property developer Henderson Land and cloud-based development platform Wix.com.
Oriente's VP of corporate affairs Karun Arya, says: "We have been extremely fortunate to have secured additional funding over the past few weeks from new and existing investors that will help us come out of this crisis much stronger. Our aim is not only to mitigate anticipated headwinds on liquidity but to demonstrate that our business has the potential to overcome and outperform the market in a recession - unlocking value and opportunity for all stakeholders for years to come."