Need some cash? Check out Advance. This Philippine fintech just raised a $16M Pre-Series A to offer accessible financial services focused on providing credit to employees who need cash.

• Their 200+ customers in the Philippines include major players like Sitel Philippines, Inspiro, Cebuana Lhuillier, and ePerformax.
  

Investor check. Vietnam's Do Ventures and Lendable co-led the round. Wavemaker Partners, Next Billion Ventures, Integra Partners, and Accion Venture Lab, as well as new investors like Phoenix Holdings, Kaya Founders, Foxmont Capital, Oyster Ventures, and Crossocean Ventures, also joined in!

• The round includes $6M in equity and a $10M debt deal with Lendable to expand their credit products and support their loan portfolio.

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🧐 What it's all about

Founded in 2018, they allow companies to offer their employees salary advances and other financial services.

• Why it matters? Almost half the Philippine population is unbanked, so being able to offer financial services to underserved employees through their companies makes a massive impact.
  

💲 They've got the money

If your company is an Advance partner, log onto the Advance app and complete a request anytime you need cash. 

• It's a flexible credit line — list why you need the cash advance and choose the payment terms that fit you.
• 24/7. Need money fast? You'll get it in minutes. (And yes, it works on weekends and holidays too!)
• You can advance as little as 1,000 PHP (~$18) and as much as 50% of your monthly salary!
  

Pay it back stress-free! They work directly with your company to deduct the salary advance from your paycheck — no need to send repayments yourself. Oh, and there's zero interest, only a small processing fee.

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🇻🇳 Next stop: Vietnam!

They've just acquired BravoHR, a Vietnamese platform with online solutions for employee engagement, rewards, and benefits to expand to the market.

• Their customers include global brands like McDonald's, L'Oreal, and AstraZeneca, and this will let Advance work with thousands of employees in Vietnam.
• Only a few Philippine startups have managed to expand internationally! Advance joins the Vietnam club next to CloudEats, which also expanded to Vietnam as their second market in 2021.

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🚀 From here on out

They'll launch more financial products and grow their customer base in the Philippines and Vietnam!

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