Uploan Secures US$ 15 Million in Debt Facility From UK’s Lendableby Fintech News Philippines April 22, 2021
Uploan, a Philippines-based provider of salary linked financial services, has raised a senior secured loan of up to US$ 15 million from Lendable, a UK-based provider of debt to fintech companies in emerging and frontier markets.
The long-term facility will allow Uploan to grow their loan book, redeploy Lendable’s capital several times and hold more exposure on-balance sheet.
The transaction’s security structure, complying to new regulations adopted in 2020, also establishes a secured debt infrastructure that paves a clear path for Uploan to expand their institutional debt into the future.
Additionally, the partnership will enable Uploan to partner with more corporate employers, allowing more employees access to affordable financial services together with financial education.
According to a statement from the company, a committed amount of US$ 6 million will be available for immediate use.
In partnership with over 100 top corporate employers in the Philippines, Uploan currently offers affordable loans, salary advances and insurance products, underpinned by accessible and engaging financial education to improve the financial well-being of working Filipinos.
Uploan is Lendable’s first client in the Philippines.
Liam Grealish, Chief Executive Officer, Uploan commented,
“The debt facility we have closed with Lendable will be catalytic in enabling us to better meet the needs of our fast growing employee pool.
In closing this facility during a global pandemic, the Lendable team have demonstrated impressive insight into fintech drawn from their global experience across emerging markets. The facility would not have closed without this leading experience.”
Aaron Collett, Head of Asia Origination, Lendable commented,
“We are excited to close this facility with Uploan and expand our reach to new markets in Southeast Asia.
Uploan’s prudent business model, digitisation of processes and team expertise has allowed them to successfully underwrite risk in difficult times.”
Featured image: Uploan Team, image via Uploan Facebook