The ProCredit team
ProCredit, a tech-enabled SME lender in the Philippines, has closed a 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 co-invested.
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ProCredit will expand its loan book through organic and inorganic growth and raise additional capital. The company is keen to speak to debt and equity investors, Philippine market participants, borrowers, and potential partners.
ProCredit was started by a founding team that has held senior lending roles at Citigroup, Standard Chartered, ANZ, and the Asian Development Bank. The startup employs credit-first client engagements, a rules-based underwriting and portfolio management architecture, and flexible product offerings incorporating risk-based pricing. It claims to reduce operating costs and expenses while improving customer experience.
The fintech startup is also considering expansion into the banking sector. This will allow ProCredit to offer a fuller suite of lending solutions to its mid-market SME customers.
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Mayank Parekh, Founding Partner at M Venture Partners (MVP), said: Eight in 10 formal loans are channelled to large corporations in the Philippines, leaving 15 million SMEs and workers with little access to traditional finance.”
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