Earned Wage Access Firm Advance Raises US$16M to Push Vietnam Expansionby Fintech News Philippines March 29, 2023
Filipino earned wage access startup Advance announced that it has raised US$16 million in a Pre-Series A funding and expanded its operations to Vietnam through the acquisition of BravoHr, a platform that provides digital solutions for employee engagement, benefits, and rewards.
The round was led by Do Ventures and Lendable and joined by new investors Phoenix Holdings, Kaya Founders, Foxmont Capital, Oyster Ventures, Crossocean Ventures.
Existing investors Wavemaker Partners, Next Billion Ventures, Integra Partners, and Accion Venture Lab also participated in the fundraise.
Advance said that it plans to use the new funds to roll out more innovative financial products and expand the reach of its services to include more businesses in the Philippines and Vietnam.
Founded in 2018, Advance has provided salary advances and other financial services to underserved employees in the Philippines having partnered with over 200 companies in the country.
Advance had recently expanded its offering to include other credit solutions and financial wellness and education products from its business partners.
“The success of our fundraising exercise supports our goal of providing fair and accessible financial services, especially for underserved employees.
We’re very excited at the prospect of doing this in two markets, both of which are still addressing a major credit gap across borrowing segments,”
said Jaime de los Angeles, Chief Executive Officer and Co-Founder of Advance.