SME lender ProCredit secured $4.1 M Pre-Seed funding from Integra Partners
Integra Partners led a $4.1 million pre-seed round that ProCredit, a small and medium-sized enterprise (SME) lender based in the Philippines, closed.
In a statement released, ProCredit said that the Menardo Jimenez Family Office, M Venture Partners (MVP), Cento Ventures, Gobi Partners (Gobi-Core Philippine Fund), and several local angel investors also participated in the round.
ProCredit will raise more money and increase both organic and inorganic growth in order to increase its loan book.
Given the founders’ vast experience overseeing lending operations in regulated banks throughout Asia, Africa, and the US, the fintech startup is also thinking about growing into the banking industry.
This would enable ProCredit to provide its mid-market SME clients with a more comprehensive range of lending options.
According to the company, it would be happy to talk to borrowers, prospective partners, investors in debt and equity, and members of the Philippine market.
Having held senior lending positions at Citigroup, Standard Chartered, ANZ, and the Asian Development Bank, the founding team of ProCredit is a tech-enabled SME lender with over 50 years of combined experience lending to SMEs in emerging markets.
ProCredit wants to grow into one of the biggest SME lenders in the Philippines by utilizing its deep domain expertise. To do this, it will use credit-first client engagements, a rules-based underwriting and portfolio management architecture, flexible product offerings with risk-based pricing, and a proprietary technology back-end that will drastically lower operating costs and expenses while also enhancing the customer experience.
“We are thrilled to add ProCredit to our portfolio. We rarely see such an experienced and thoughtful founding team positioned against such a large, underserved market opportunity,” said Chris Kaptein, Managing Partner at Integra Partners.
He asserts that ProCredit will be crucial in helping the economy’s most vital sector have better access to credit.
“We are confident that our investment in ProCredit will further Integra’s mission of investing where profits and purpose converge for a win-win for all parties,” he added.
