SeekCap Maintains Uphill Growth in 1H, Raises the Bar for MSME Financing
SeekCap, an online lending marketplace built
by UBX, the leading open finance platform in the Philippines, recorded a
50-percent surge in the volume of loans disbursed during the first half of
2023.
As it further strengthened partnerships in the
public and private sector to reach more micro, small and medium enterprises
(MSMEs) that need access to business loans, SeekCap disbursed a total of P688
million in loans in the first six months of the year.
This represents a 50-percent increase from the
P459 million recorded the year prior.
By raising the bar for loan services,
SeekCap’s innovative approach to digital financial solutions and its commitment
to empowering MSMEs are responsible for its continuing success.
“Traditionally, MSMEs are the most disadvantaged
when it comes to financing, because the stringent requirements of banks for
loans are geared against them. A big part of our mission towards financial
inclusion involves democratizing loans in their favor to create new
opportunities for Filipinos everywhere and to contribute to overall economic
development,” UBX President and CEO John Januszczak said.
SeekCap also recorded a 10-percent increase in
the number of loan applications recorded as of end June. As businesses continue
to grow amid economic recovery, more and more enterprises seek accessible loans
to keep up with the demands of their trade.
During the first half of the year, SeekCap
also expanded its lender partners by 22 percent, further diversifying its loan
offerings while providing a wider platform for its partner banks for more
customers.
“It is important to us in Seekcap to have a
wide range of lenders to ascertain the inclusiveness of the platform. Different
enterprises have different needs, and we believe we can address this by being
agnostic and being open to multiple lenders with different product
specialties.”, Magellan Fetalino, Business Lead for Lending, explains.
Through SeekCap, borrowers have access to a
wide range of loan products that can be tailored to their needs. Provided by
partner banks, the loans offered on the platform may be processed in as fast as
24 hours, which is significantly faster than the minimum 30-day approval time
for most banks.
In recent years, SeekCap has been hard at work
to bring borrowers and lenders closer together via its platform, streamlining
the process of getting a business loan while making financing more accessible
for MSMEs in the district.
Despite its already wide and fastly expanding
partner base, SeekCap plans to partner with more MSME ecosystems, e-commerce,
franchising, and wholesale players to further its reach.
“Financial inclusion is an ongoing endeavor.
Most importantly, it’s collaborative. At least 99 percent of businesses in the
Philippines are classified as MSMEs, and by providing them with access to
funding is to make a significant impact. We hope to make more opportunities for
them in the future by ensuring the success of our lending platform,” Januszczak
said.
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