Hong Kong-based loan origination and credit scoring engine Oriente has raised $105m in its initial funding round.
The funding is considered to be one of the largest initial funding rounds for a fintech company.
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The funding round was joined the founders of the company and a group of family offices including members of the Berjaya Group, JG Summit Holdings and Sinar Mas.
The company was founded in 2017 by Geoff Prentice, a Skype co-founder and ex-chief strategy officer, Hubert Tai, a founder of Ping An’s Lufax and Chinese unicorn dangdang.com, and investor Lawrence Chu.
Oriente works to improve financial inclusion in emerging countries of Asia. It utilises new technologies to offer real-time credit scoring, digital and O2O lending and other financial services in Southeast Asian nations.
The company plans to use the money to accelerate technology and product development works. It also intends to expand its operations to new markets.
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By GlobalDataIn the last few months, Oriente launched its applications in the Philippines (Cashalo) and Indonesia (Finmas).
The services provide any individual or Micro, Small and Medium Enterprises (MSMEs) access to affordable credit.
Through the smartphone app, interested customers can apply for a loan and receive a decision and financing within minutes.
Oriente co-founder Geoffrey Prentice said: “Oriente was founded on the principles of inclusion and innovation to open financial access, freedom and opportunity for underserved people and microentrepreneurs, helping them build financial identities and participate in the global economy.
“Unlocking potential is our mantra, and we are thrilled to have such phenomenal investors and partners who share our commitment to building a future where people everywhere have access to the credit infrastructure and services they deserve.”
Currently, the company has offices in Shanghai, Hong Kong, Singapore, Taipei, Manila, Jakarta, and Ho Chi Minh City.
