ADVANCE.AI's Credit Bureau Secures $4M for Fintech Launch in Philippines

ADVANCE.AI’s Credit Bureau Philippines has successfully raised $4 million in seed funding from Archipelago Capital Partners. The money will be utilized to start its credit bureau services in the Philippines for fintechs, digital banks, and thrift banks.

The agency seeks to enhance financial inclusion through the provision of top-notch credit information and data. ADVANCE.CBP was chosen as a Special Access Entity (SAE) by the Credit Information Corporation (CIC) via a competitive tender process.

Based in Singapore, ADVANCE.AI offers digital identity verification, compliance, and risk management services. It collaborates with more than 500 corporate customers in banking, finance, fintech, payments, retail, and e-commerce industries.

Established in 2016, the company has the support of investors like SoftBank Vision Fund 2 and Warburg Pincus and was awarded as the ASEAN Fintech winner at the 2023 Singapore Fintech Festival Global Fintech Awards.

“The investment from Archipelago Capital Partners reinforces our shared vision of establishing a credit bureau that not only empowers lenders and borrowers but also strengthens and results in a more robust credit reporting and scoring infrastructure in the Philippines.

This long-term investment will help strengthen and develop a more equitable and inclusive financial ecosystem for all Filipinos,” said Dennis Martin, CEO of ADVANCE.CBP.