Filipino FinTech startup Advance has made headlines by securing $16 million in its pre-Series A funding round, aiming to revolutionize how employees access their salaries.
This financial boost has significant backing, with Vietnamese venture capital firm Do Ventures and tech-based investment platform Lendable stepping in as lead investors. Notably, this round also saw the participation of both new and existing investors, further building confidence in Advance’s mission and market potential.
New investors, including Phoenix Holdings, Kaya Founders, Foxmont Capital, Oyster Ventures, and Crossocean Ventures, joined the round, signaling a strong interest in pressing forward with financial inclusivity. Returning shareholders like Wavemaker Partners, Next Billion Ventures, Integra Partners, and Accion Venture Lab also reaffirmed their belief in the company’s potential by joining this funding round.
In a strategic move, Advance has expanded its operations into Vietnam through the acquisition of BravoHr. This step not only broadens its market reach but also highlights Advance’s commitment to enhancing employee engagement through digital solutions.
With prominent clients like McDonald’s, L’Oreal, and AstraZeneca, Advance has carved a niche for itself in providing digital benefits and rewards to its user base. The newly secured funding aims to further develop innovative financial products, facilitating even broader access to services in both the Philippines and Vietnam.
Founded in 2018, Advance addresses a critical gap in the Philippine market, where nearly half of the population lacks access to traditional banking services. In just five years, it has partnered with over 200 companies, including Sitel Philippines, Inspiro, Cebuana Lhuillier, and ePerformax, showcasing its significant traction in the FinTech landscape.
Through its platform, Advance allows employees to tap into a portion of their salaries via a flexible credit line when needed. But it doesn’t stop there; the company’s mobile app also offers financial education and wellness tools, empowering users to enhance their financial literacy and navigate their personal finance journeys.
Vy Le, co-founder and general partner at Do Ventures, expressed enthusiasm about the funding, stating, “Advance has the potential to provide greater financial stability and security for workers across emerging economies through their tech-enabled on-demand credit platform.” Le noted the similarities between the financial ecosystems in Vietnam and the Philippines, signaling strong potential for Advance’s integrated solutions to improve financial well-being in Vietnam’s untapped market.
This latest financial round aligns with a broader trend in the Filipino FinTech sector. Just last year, fellow company BillEase raised $20 million, showcasing the growing investor interest in innovative payment and credit solutions in the region.
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