Singapore-based fintech startup Pilon is expanding its presence in the Philippine market after raising an undisclosed sum from Manila-based early-stage venture investor Kaya Founders.
The financial injection from Kaya followed a recent Seed round in which Pilon, co-founded by Alex Chua and Eddie Lee in 2020, raised $5.2 million. The startup has already established a dedicated division in Metro Manila to support its expansion plans.
Pilon is an innovator in cloud-based supply chain financing systems. The company helps local businesses navigate cash flow challenges, offering solutions that promise to disrupt industries.
Its platform allows suppliers to gain immediate access to their owed payment and provide buyers more time to pay off their balances. Additionally, Pilon collaborates with banks and financial institutions in the Southeast Asia region that would like to digitalize their factoring processes.
“This investment is an important milestone for Pilon because it not only strengthens our financial position but also validates our vision to provide disruptive solutions to local businesses in the Philippines,” Lee said.
The additional funding will also be used to improve Pilon’s digital product offerings, expand its presence in existing markets like the Philippines and Cambodia, and explore new markets like Vietnam, Thailand, and Indonesia in the coming year.
Lisa Gokongwei-Cheng, a partner at Kaya Founders, expressed her faith in Pilon’s ability to revolutionize the industry. “We hold strong confidence in Pilon’s forward-thinking leadership and their capacity to bring about substantial transformations in the industry,” she stated.
As part of its Philippine expansion, Pilon is onboarding buyers from key industries in the Philippines, including retail/supermarts, construction & development, and the F&B sector.
Kaya Founders’ investment in Pilon comes as the Philippine-based VC firm announced the first close of its two new funds at $12 million. The funds, Zero to One Fund and One to Ten Fund – will invest in early-stage startups in the Philippines and Southeast Asia.
The funding round was anchored by the Gokongwei family with participation from institutional investors, family offices, high-net-worth individuals, and prominent entrepreneurs. This brings the total committed capital managed by the firm to $16.5 million.
Kaya is looking at raising a total of $25 million for the two new funds.