Hong Kong Alt-Lender Oriente Raises $50m as It Looks to Step up Efforts in a Highly Competitive Sector
Hong Kong-based FinTech Oriente has raised $50 million in its ongoing Series B round, according to finews.asia. Oriente, which provides customers with financial resources like cash loans, digital credit, offline-to-online consumer finance, point-of-sale (POS) lending solutions, and working capital financing for small- to medium-sized businesses (SMBs), has about 5 million users and over 1,000 merchants through its Cashalo app in the Philippines and Finmas app in Indonesia.
Oriente said it will use the money to boost its growth in existing markets and further new developments in places like Vietnam. The funding will also go toward technological advancements, more improvements on its product suite and better big-data capabilities.