ADVANCE.AI’s Credit Bureau Philippines (ADVANCE.CBP) has raised USD4 million in seed funding from Archipelago Capital Partners, a premier Southeast Asia-focused private equity firm, to initiate credit bureau operations in the country.
Selected as a special accessing entity by the Credit Information Corporation, ADVANCE.CBP aims to enhance financial inclusion in the country by providing high-quality credit information to fintechs, digital banks, and thrift banks.
Jovasky Pang, CEO of Archipelago Capital Partners, said, “The launch of ADVANCE.CBP is a significant step in advancing the Philippine financial services ecosystem.”
The investment, Pang said, also aligns with the goal of fostering sustainable growth in Southeast Asia.
Dennis Martin, CEO of ADVANCE.CBP, emphasized that the funding will bolster a more robust credit reporting infrastructure, ultimately creating an equitable financial ecosystem for all Filipinos.
ADVANCE.AI’s clientele includes banks and companies like Skyro and Inception Technology, alongside global clients such as Standard Chartered and Shopee.
