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Hong Kong based FinTech Oriente raises $50 mn in Series B funding

OrienteHong Kong-based FinTech Oriente, a data science company, has raised around $50 million in its on-going Series B funding round. Dr. Peter Lee, Co-Chairman of Henderson Land, a leading property developer in Hong Kong, has made a significant commitment as the lead new investor. Wix.com, a leading cloud-based website development platform, has also participated, along with funding from other existing investors.

This new capital will be used to fuel growth in Oriente’s existing markets and drive expansion into new markets such as Vietnam. The funding will also enhance Oriente’s technology infrastructure and market-leading product suite and big-data capabilities to unlock deeper business insights for partners.

In 2019, Oriente saw a 700% year-on-year (YoY) growth in transactions, served more than 4 million new users, and delivered more than 20% increase in sales volume for its merchant partners.

The last 12 months have been a period of unprecedented growth at Oriente. This investment, which comes during a time of significant global economic turmoil, puts us in a strong position as we look to step up our efforts in a highly competitive sector,” said Geoffrey Prentice, co-founder of Oriente.

Technology is the backbone of Oriente’s product and platform offerings, through which it serves a diverse mix of credit and financing requirements. In the coming months, as the worldwide effort ramps up to breathe new life into global markets, Oriente is committed to deploying its resources, infrastructure, and network to better serve its communities by helping businesses and their customers connect and participate in contributing to the economy.

The new capital injection follows on from its previously announced initial funding in November 2018 and, more recently, a US$ 50 million debt funding facility from Silverhorn Group. Currently serving over 5 million users and over 1,000 merchants across the Philippines (via Cashalo) and Indonesia (via Finmas), Oriente creates financial value and opportunity for consumers, merchants, and the communities in which it operates.

For consumers, it provides access to a wide range of accessible, fast, and reliable financial services, including cash loans, digital-credit, offline to online consumer finance, POS lending solutions, and working capital financing for SMEs and MSMEs. It’s nano-financing Pay Later via Cashalo product, for example, helps users discover and decide where to shop or eat while saving them time and money. Real-time data insights provided by Oriente empowers merchant partners to make smarter business decisions while increasing conversions and lowering risk. For underbanked communities, it accelerates economic inclusion and growth by unlocking financial access, powering commerce, and extending financial literacy through its app and community outreach programs.

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