Oriente has now raised more than USD 160 million in equity and debt, including a USD 105 million round in November 2018. Launched in 2017, Oriente focuses on markets that are underserved by traditional financial institutions. The new funding will be used for growth in Oriente’s existing markets, the Philippines and Indonesia, and expansion into new countries, including Vietnam, according to TechCrunch.
It will also be used to continue building Oriente’s technology, which uses big data analytics to assist consumers, online and offline merchants, and enterprise clients.
For consumers, the startup currently offers two apps, Cashalo in the Philippines and Finmas in Indonesia, which has a combined 5 million users and more than 1,000 merchants. Services include cash loans, online credit, and working capital for small to medium-sized enterprises.
Over the next few months, Oriente plans to expand its Pay Later digital credit feature and launch new growth capital solutions for small businesses that need financing. In Vietnam, Oriente is currently beta testing a consumer platform similar to Cashalo and Finmas. It will offer online credit and financing, as well as other services in partnership with local companies.
Oriente has also started focusing on how to serve businesses during the COVID-19 pandemic, since many merchants are coping with revenue declines, loss of users, and cash flow issues.
