ImpactAlpha, Apr. 21 – Lendable has extended $15 million in debt to Philippine fintech Uploan. The Manila-based fintech gives employees of more than 100 major companies in the Philippines access to affordable payroll-linked financial services coupled with financial education.
Uploan links loans to salary size to ensure monthly repayments do not create an unhealthy burden on customers. More than half the company’s borrowers are women, despite women representing only 35-40% of the Philippines’ labor force.
Lendable, which is raising funds to enable fresh loans of $120 million to $180 million this year, has emerged as a leading debt provider to fintech companies across emerging and frontier markets. The loan is Lendable’s first in the Philippines, said Lendable’s Aaron Collett. “Uploan is poised to scale further at a time when the broader financial sector is pulling back.”