China-based microlending platform Oriente has raised $105m in a series A round co-led by property developer Berjaya Group and conglomerate Sinar Mas, Nikkei Asian Review reported today.
Founded in 2017, Oriente operates a microlending platform for individuals and businesses through a mobile app and offline lending for shoppers at retail partners.
The platform relies on a risk control algorithm to maintain a base rate of approximately 1%, allowing the company to offer lower interest rates of 3% to 4%, compared to rates as high as 15% commanded by competitors.
Oriente aims to have customers reveal the purpose of a loan and offers a discounted rate to those who visit a partnered shop and purchase products through installments.
The company will use the funding to drive recruitment as it adds 50 to 100 employees each week to its existing roster of 1,100 staff and to prepare for an expansion into Vietnam next year. It recently entered the Philippines and Indonesia.
Oriente’s co-founders include Geoffrey Prentice, who previously co-founded voice and video call service Skype, and Hubert Tai, who helped develop internet finance platform Lufax.
Prentice said: “Today, Oriente’s ventures in the Philippines and Indonesia are growing at a faster rate than either Skype or Lufax did in their first six months of launching.”
