ExpressCredit raises P103m for local microlending

Charlotte Mathula
Charlotte Mathula

Local microlender, ExpressCredit has raised $9 million (P103 million) in funding to support its loan book growth and reach in the market, BusinessWeek has learnt.

ExpressCredit is among the country’s top 20 microlenders, whose combined assets were measured at P6.3 billion last year.

Local microlenders are not deposit takers and thus raise the funds they require for the lending activities through external financiers. ExpressCredit’s latest boost has come from a US-based alternative asset manager.

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