ADVANCE.AI’s Credit Bureau Philippines (ADVANCE.CBP) has secured $4 million in seed funding from Archipelago Capital Partners, a Southeast Asia-focused private equity firm. This funding will support the launch of credit bureau operations in the Philippines.
ADVANCE.CBP was selected as a Special Accessing Entity (SAE) through an open bidding process conducted by the Credit Information Corporation (CIC). The company aims to serve fintechs, digital banks, and thrift banks by providing high-quality credit information and data, promoting financial inclusion in the Philippines.
“We see the launch of ADVANCE.CBP as a significant step in advancing the Philippine financial services ecosystem,” said Jovasky Pang, CEO of Archipelago Capital Partners. “This investment fits perfectly with our ethos of driving sustainable growth across Southeast Asia, creating value for local businesses and investors alike, and in fostering growth in sectors that will benefit from rising income levels and increased consumer demand in the region.”
“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, said Dennis Martin, CEO of ADVANCE.CBP. “This long-term investment will help strengthen and develop a more equitable and inclusive financial ecosystem for all Filipinos.”
Martin brings 25 years of experience in the credit reporting industry. He previously served as Group CEO of CTOS Digital and Managing Director of Experian Southeast Asia.
Founded in 2016, ADVANCE.AI is a leading provider of digital identity verification, compliance, and risk management solutions in Southeast Asia. Headquartered in Singapore, they currently partner with over 500 enterprise clients across diverse sectors such as banking, financial services, fintech, payments, retail, and e-commerce. ADVANCE.AI’s clientele includes Standard Chartered, Shopee, CIMB, and Home Credit in the Philippines and globally.