China-based microlending services provider Oriente has raised $50m in series B funding from investors including website-creation software provider Wix.com, TechCrunch reported yesterday.
The round was led by Peter Lee, co-chairman of property developer Henderson Land, and included undisclosed additional participants. The figure represents the round’s first tranche, but Oriente has not revealed a target size.
Oriente offers financial services aimed at consumers and small and medium-sized enterprises underserved by banks. It currently operates two apps, Cashalo in the Philippines and the Indonesia-focused Finmas, which offer cash loans, online credit and working capital.
The series B funding has been allocated to expansion efforts in the Philippines and Indonesia, and entry into additional markets, though Oriente co-founder Geoff Prentice only named Vietnam in an interview with TechCrunch.
“Over the past few weeks, we have reprioritised our corporate strategy to focus on the top opportunities within each market,” Prentice said. “We have also taken various steps to rebuild our organisations for optimised operational and financial efficiency in line with current and forecasted market conditions and our more focused strategy.”
The company will also double down on technology development, including its big data analytics capabilities, add features such as growth capital financing and expand its consumer credit tool.
Oriente is also working to establish partnerships that will help it target large corporations. It had previously raised $105m in a late 2018 series A round co-led by property developer Berjaya Group and conglomerate Sinar Mas.
