Philippines-based digital lending marketplace SeekCap this week announced a partnership with Investree Philippines, an SEC-approved crowdfunding platform, to offer financing services to MSMEs in the Philippines. Investree will provide purchase order financing and invoice financing to SeekCap customers.
While, new to the region, this concept is rapidly becoming popular, an Investree executive said.
“Investree’s crowdfunding offering is relatively new in the Philippines,” its co-founder and CEO Kok Chuan Lim explained. “What differentiates our products is the ability to offer MSMEs access to short-term working capital based on the type of supply contracts they have with large or listed companies. There is no need for collateral assets and we have been able to assist new issuers to get financing within a short period of time.
“We believe this will complement Filipino MSMEs’ existing financing options and help them grow their businesses.”
When logging into SeekCap, business owners can apply for an Investree financing product
With invoice financing, funds are provided through receivables such as invoices or billings. This provides MSMEs working capital while waiting for payments from partners or customers. With purchase order financing, funds are provided to help MSMEs fulfil large orders and pay suppliers without compromising cash flow.
“SeekCap compliments Investree’s strategy to empower MSMEs in the Philippines by helping extend its network of over 50,000 MSMEs currently registered on our platform,” UBX president and CEO John Januszczak said (UBX Philippines owns SeekCap). “Together, SeekCap and Investree prop up businesses and help close the $221 billion MSME financing gap in the country by offering fast, transparent, and non-collateralized access to financing.”
Investree Philippines said the partnership with SeekCap will further allow a greater number of MSMEs to connect with lenders and have loans tailored to their needs through transparent, efficient and all-digital ways.