Nov. 28, 2018
Oriente has raised $105 million from a group that included its founders as well as members of the Berjaya Group, JG Summit Holdings Inc. and Sinar Mas, marking what company officials said is one of the largest initial funding rounds ever in Asia, according to a company blog post and news release.
The Hong Kong-based fintech said the funding is being used to scale operations, speed up development of its technology and expand its digital solutions into new markets, particularly in Southeast Asia where there are an estimated 600 million unbanked consumers and competitive field of emerging mobile financial services.
The firm has already invested in and launched smartphone-based financial services in the Philippines under the name Cashalo and in Indonesia under the name Finmas, in a bid to provide credit to underserved consumers and micro, small and medium-size businesses.
Oriente was founded in 2017 by Skype co-founder Geoffrey Prentice; CEO Hubert Tai, previously the founding chief technical officer and chief operating officer at LU.com; and Lawrence Chu, the founder of BlackPine Private Equity.
Topics: Financial News, Mobile Banking, Region: APAC
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