Advance raises funding to help Filipino workforce to access salary without waiting for payday

Manila-based fintech startup Advance has secured an undisclosed sum in a seed funding round, led by American VC firm Next Billion Ventures, according to DealstreetAsia.

Also joining the round are Dymon Asia Ventures and Accion Venture Lab.

The latest round of capital will be used to improve Advance’s current technology and operations, as well as to explore different products and new markets.

Advance helps Filipino workers receive financial assistance before they receive their paycheck to avoid borrowing money for daily needs.

“We’ve heard so many horror stories of people with an urgent need for cash resorting to payday lenders due to the lack of quality options. We knew that we could provide a much safer alternative to keep them away from endless debt cycles,” Advance Co-founder and CFO Addi Guevara said.

CapBay announces partnership with TheLorry to offer financial solutions for SME lorry drivers

CapBay, a P2P supply chain financing platform, has announced a partnership with TheLorry to offer financial solutions to SME lorry drivers, according to a press statement.

Under the agreement, lorry drivers can now easily apply for collateral-free financing upfront and defer toll expenses up to 60 days later.

Also Read: News Roundup: Hello Health launches in the Philippines as Hello Doctor

This partnership also marks the launch of “The Express Financing program” which aims to increase the accessibility of digital financing solutions for financially underserved SMEs.

Zendesk’s new COO aims to accelerate the company’s growth in APAC

Zendesk has appointed Wendy Johnstone, who had previously spearheaded senior marketing and operations in Salesforce, IBM and Microsoft, as new regional COO

Johnstone will be responsible for growth acceleration in the Asia Pacific region, which accounts for more than 10 per cent of its global business, as of Q1 2020.

Johnson’s predecessor, Sandie Overtveld, has been elevated as Vice President, Strategic Enterprise Accounts for APAC and EMEA, and is now based in Europe.

Zendesk is a San Francisco-based customer service platform that develops software to foster customer relationships.

SoftBank’s Vision Fund to lay off 10 per cent of employees after historic losses

SoftBank’s Vision Fund is planning to lay off 10 per cent of its employees after posting a record operating loss of over US$12.7 billion, according to Bloomberg.

The company refused to comment on the layoff.

“It makes sense that SoftBank is cutting positions at the Vision Fund as they are in a tough situation, and they may start targeting highly paid workers to cut costs,” said Koji Hirai, Head of M&A advisory firm Kachitas Corp.

Also Read: Roundup: Jack Ma steps down from SoftBank board

Furthermore, the Vision Fund has reportedly incurred further losses as a result of the ongoing COVID-19 pandemic.

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Image Credit: Fabian Blank

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