ProCredit, a Philippines-based SME lender, has successfully closed a $4.1 million pre-seed funding round, led by Integra Partners and supported by notable investors including the Menardo Jimenez Family Office, M Venture Partners (MVP), Cento Ventures, Gobi Partners, and local angel investors.
Founded by a team with over 50 years of combined experience in SME lending from institutions like Citigroup, Standard Chartered, ANZ, and the Asian Development Bank, ProCredit aims to become a leading SME lender in the Philippines.
The company leverages technology to offer credit-first engagements, rules-based underwriting, flexible products with risk-based pricing, and a proprietary back-end to cut costs and enhance customer experience.
Chris Kaptein of Integra Partners praised ProCredit for its experienced team and potential to improve SME credit access in a vast, underserved market.
Joel Jimenez of the Menardo Jimenez Family Office highlighted ProCredit’s position to fill the SME lending gap, while Mayank Parekh of MVP noted the imbalance in loan distribution favoring large corporations over SMEs.
ProCredit plans to expand its loan book and explore banking sector opportunities, aiming to provide comprehensive lending solutions to mid-market SMEs. This funding round marks a significant step in ProCredit’s mission to support the financial needs of underserved SMEs in the Philippines, promising growth and innovation in the sector. – CebuLifestyleChannel.ph