Advance, a Philippines-based FinTech startup that operates a salary on-demand platform, has announced that it has raised $16 million in a Pre-series A funding round led by Do Ventures and Lendable.
New investors Phoenix Holdings, Kaya Founders, Foxmont Capital Partners, Oyster Ventures, and Cross Ocean Ventures, as well as existing investors Wavemaker Partners, Next Billion Ventures, Integra Partners, and Accion Venture Lab also participated in the round, according to the company.
The Filipino startup also announced that it has acquired Vietnam-based HRTech startup BravoHR to support its expansion into the country. The financial details of the deal were not disclosed.
Advance said with the latest raise, it will introduce more innovative financial products and offer its services to more partners in the Philippines and Vietnam.
Launched in 2018, BravoHR provides digital solutions for staffing, employee benefits, and rewards. The startup claims to provide services to thousands of employees at companies such as McDonald’s, L’Oreal, and AstraZeneca.
BravoHR raised an undisclosed amount in seed funding in 2020 from Zone Startups Vietnam and 1005 Ventures.
Advance was founded in 2018 by Addi Guevara and Jaime de Los Angeles. Since its inception, the startup has been providing salary advances and other financial services to underserved employees in the Philippines, where almost half of the population remains unbanked. Advance’s platform allows employees access to a portion of their salaries through a flexible credit line. The company has recently expanded its offering to include other credit solutions and financial wellness and education products from its business partners.
The startup claims to currently work with over 200 companies in the Philippines, including major industry players like Sitel Philippines, Inspiro, Cebuana Lhuillier, and ePerformax.
Earlier, Advance raised $3.9 million from Integra Partners, Accion Venture Lab, Wavemaker Partners, Kaya Founders, Foxmont Capital Partners, and Do Ventures. With the latest round, the firm has raised a total of $19.9 million to date.