SeekCap, the online lending marketplace powered by UBX, the Philippines’ leading open finance platform, has announced impressive growth figures for the first half of 2023. The company, known for its commitment to assisting micro, small, and medium enterprises (MSMEs) in accessing business loans, reported a remarkable 50% surge in loan disbursements during this period.
In its efforts to strengthen partnerships within both the public and private sectors, SeekCap disbursed a substantial total of PHP688M in loans during the first six (06) months of this year. This figure represents a substantial increase from the PHP459M disbursed during the same period the previous year.
SeekCap attributes its ongoing success to its innovative approach to digital financial solutions and its unwavering dedication to empowering MSMEs. The platform’s unique features and commitment to accessible financing have raised the bar for lending services in the Philippines.
“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. 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,” according to John Januszczak, President and CEO of UBX.
The company also noted a 10% increase in the number of loan applications received by the end of June 2023. As businesses continue to thrive amidst the ongoing economic recovery, the demand for accessible loans to sustain growth remains high. In the first half of 2023, SeekCap expanded its network of lender partners by an impressive 22%. This expansion not only diversified its loan offerings but also provided partner banks with a broader customer base.
SeekCap’s platform offers borrowers access to a diverse range of loan products tailored to their specific needs, provided by partner banks. These loans can be processed in as little as 24 hours, a significantly faster turnaround time compared to the standard 30-day approval period at most banks.
“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,” said Magellan Fetalino, Business Lead for Lending, explains.
In recent years, SeekCap has been tirelessly working to bridge the gap between borrowers and lenders, streamlining the business loan application process and making financing more accessible to MSMEs. Looking forward, the company has ambitious plans to expand its partnership network even further by aiming to collaborate with additional MSME ecosystems, eCommerce platforms, franchising businesses, and wholesale players to extend its reach and support even more enterprises in need of financial assistance.
As SeekCap continues its upward trajectory, it remains a pivotal player in the Philippines’ efforts to bolster its MSME sector, enabling businesses to thrive and contribute to the nation’s economic growth.