Based in the Philippines Ready, an established provider of salary-related financial services, reportedly acquired a $ 15 million senior secured loan from the UK company Loanable, a provider of debt to fintech companies in emerging or developing markets.
The long-term facility is expected to help Uploan expand its existing loan portfolio, redeploy Lendable capital and increase its exposure to its balance sheet.
The security structure of the transaction is in line with updated regulatory guidelines that were released last year. It also establishes a secured debt infrastructure that can help Uploan increase its institutional debt.
Through its partnership with Lendable, Uploan may be able to work with a greater number of employers, enabling more workers to access affordable financial services while helping them learn more about managing finances.
As noted in the announcement, a committed amount of $ 6 million will be made available for immediate use.
In partnership with more than 100 leading companies based in the Philippines, Uploan offers affordable loans, payday advances and various insurance products. These products are offered with more accessible and engaging financial education resources to improve the financial well-being of local residents.
Notably, Uploan is Lendable’s first official customer in the Philippines.
Liam grealish, CEO at Uploan, said:
“The credit facility we have entered into with Lendable will be a catalyst in enabling us to better meet the needs of our rapidly growing employee base. By shutting down this facility during a global pandemic, the Lendable team demonstrated impressive fintech knowledge drawn from their global experience in emerging markets. The establishment would not have closed without this first rate experience.
Aaron Collett, Head of Asia Origination, Lendable, said:
“We are delighted to close this factory with Uploan and expand our reach to new markets in South East Asia. Uloan’s prudent business model, the digitization of processes and the expertise of his team have enabled him to successfully underwrite risks in difficult times.