Uploan raises $15 million to uplift and safeguard Filipino women
By Firas Abboud and Jenn Simons
Leading salary finance platform in the Philippines, Uploan, has recently raised $15 million funding from Lendable, a capital markets platform that provides structured finance to alternative lenders. The partnership enables the former to collaborate with more corporate employers, allowing more wage-earners access to fair, convenient, and affordable financial services.
Working together with some of the largest firms in the country, the innovative fintech company offers salary loans and advances, as well as insurance products to over 300,000 employees, all underpinned by accessible and engaging financial education to improve the financial well-being of the Filipino workforce.
Lendable’s head of Asia Origination Aaron Collett celebrates the deal saying, “Uploan is poised to scale further at a time when the broader financial sector is pulling back, a high-impact opportunity to provide financing when people face extreme economic conditions and need financial access the most.”
Uploan’s business practices reflect its commitment to responsible financial services. Today, 52 percent of its customers are female, highlighting the importance of women in the workplace. Powered by HR data, Uploan proprietary scoring and underwriting algorithms present fair pricing to working Filipinas, as only a few have a credit history.
Their digitized and automated platform has enabled customers to avail of loans based on their salaries. This ensures monthly repayments do not create an unhealthy burden to customers who use these loans for education, household, or medical expenses, easing the access to basic needs through adequate financing.
This partnership with Lendable, a firm committed to making financial services inclusive of women, will help both firms move closer toward the goal of gender equity in finance.
“The debt facility we have closed with Lendable will be catalytic in enabling us to better meet the needs of our fast growing employee pool. Working with employers, Uploan is committed to helping millions of employees move out of financial distress through this transition out of the pandemic and beyond,” says the CEO of Uploan, Liam Grealish.
With over 300,000 employees serviced across 100 of top Philippine corporations, Uploan has pioneered services to safeguard the lives of women through financing and insurance protection against COVID-19 with over ₱1.5B in coverage made available. Its B2B2C platform is revolutionizing the employee wellness landscape in the Philippines by using work as collateral to provide innovative financial services and enhancing the degree of employee engagement within enterprise companies.