SeekCap, an online lending marketplace built by UBX, the leading open finance platform in the Philippines, recorded a 50-percent surge in the volume of loans disbursed during the first half of 2023.
As it further strengthened partnerships in the public and private sector to reach more micro, small and medium enterprises (MSMEs) that need access to business loans, SeekCap disbursed a total of P688 million in loans in the first six months of the year.
This represents a 50-percent increase from the P459 million recorded the year prior.
By raising the bar for loan services, SeekCap’s innovative approach to digital financial solutions and its commitment to empowering MSMEs are responsible for its continuing success.
“Traditionally, MSMEs are the most disadvantaged when it comes to financing, because the stringent requirements of banks for loans are geared against them. A big part of our mission towards financial inclusion involves democratizing loans in their favor to create new opportunities for Filipinos everywhere and to contribute to overall economic development,” UBX President and CEO John Januszczak said.
SeekCap also recorded a 10-percent increase in the number of loan applications recorded as of end June. As businesses continue to grow amid economic recovery, more and more enterprises seek accessible loans to keep up with the demands of their trade.
During the first half of the year, SeekCap also expanded its lender partners by 22 percent, further diversifying its loan offerings while providing a wider platform for its partner banks for more customers.
“It is important to us in Seekcap to have a wide range of lenders to ascertain the inclusiveness of the platform. Different enterprises have different needs, and we believe we can address this by being agnostic and being open to multiple lenders with different product specialties.”, Magellan Fetalino, Business Lead for Lending, explains.
Through SeekCap, borrowers have access to a wide range of loan products that can be tailored to their needs. Provided by partner banks, the loans offered on the platform may be processed in as fast as 24 hours, which is significantly faster than the minimum 30-day approval time for most banks.
In recent years, SeekCap has been hard at work to bring borrowers and lenders closer together via its platform, streamlining the process of getting a business loan while making financing more accessible for MSMEs in the district.
Despite its already wide and fastly expanding partner base, SeekCap plans to partner with more MSME ecosystems, e-commerce, franchising, and wholesale players to further its reach.
“Financial inclusion is an ongoing endeavor. Most importantly, it’s collaborative. At least 99 percent of businesses in the Philippines are classified as MSMEs, and by providing them with access to funding is to make a significant impact. We hope to make more opportunities for them in the future by ensuring the success of our lending platform,” Januszczak said.