PHILIPPINES’ Advance, which provides salary advances and other financial services to workers, has raised US$16 million in pre-Series A funding. The round was led by Do Ventures and Lendable, an investment and debt provider to fintechs in emerging markets.
Other participants in the round include new investors Phoenix Holdings, Kaya Founders, Foxmont Capital, Oyster Ventures and Cross Ocean Ventures, as well as existing investors Wavemaker Partners, Next Billion Ventures, Integra Partners and Accion Venture Lab.
Advance will use the funding to develop more financial products for its customers in the Philippines and in Vietnam, where it recently expanded to.
The startup said it serves over 200 companies, including Sitel Philippines, Inspiro, Cebuana Lhuillier and ePerformax.
In Vietnam, Advance has acquired BravoHr, which provides digital solutions for employee engagement, benefits and rewards. BravoHr’s key clients include McDonald’s, L’Oreal, and AstraZeneca.
Jaime de los Angeles, chief executive officer and co-founder of Advance, said both markets have yet to address a major credit gap across borrowing segments.
Companies use Advance to let employees access a portion of their salaries through a flexible credit line via a mobile app. Advance recently expanded its offering to include other credit solutions and financial wellness and education products from its business partners.
“Given the similarities between the financial landscapes of Vietnam and the Philippines, we are positive that the team will be able to apply its playbook to Vietnam’s untapped market and help improve the financial well-being of millions of Vietnamese employees,” said Vy Le, co-founder and general partner of Do Ventures.