ADVANCE.AI's Credit Bureau Philippines (ADVANCE.CBP) has secured US$4 million in seed funding from Archipelago Capital Partners. This funding will support the launch of its credit bureau operations in the Philippines. Archipelago Capital Partners, a leading private equity firm in Southeast Asia, is backing the initiative to promote financial inclusion across the country.
ADVANCE.CBP was selected through an open tender process by the Credit Information Corporation (CIC) to act as a Special Accessing Entity (SAE). Its primary goal is to provide high-quality credit data and information, serving fintech companies, digital banks, and thrift banks in the Philippines.
Boosting the financial services ecosystem
Jovasky Pang, CEO of Archipelago Capital Partners, emphasised the importance of this investment, stating: “We see the launch of ADVANCE.CBP as a significant step in advancing the Philippine financial services ecosystem. This investment fits perfectly with our ethos of driving sustainable growth across Southeast Asia, creating value for local businesses and investors alike, and in fostering growth in sectors that will benefit from rising income levels and increased consumer demand in the region.”
The partnership between ADVANCE.CBP and Archipelago Capital Partners is viewed as a key move towards strengthening the financial services infrastructure in the Philippines. The US$4 million funding will help establish a robust credit reporting and scoring system, aimed at benefiting both lenders and borrowers.
Dennis Martin, CEO of ADVANCE.CBP, shared his optimism about the investment, saying: “The investment from Archipelago Capital Partners reinforces our shared vision of establishing a credit bureau that not only empowers lenders and borrowers but also strengthens and results in a more robust credit reporting and scoring infrastructure in the Philippines. This long-term investment will help strengthen and develop a more equitable and inclusive financial ecosystem for all Filipinos.”
Experience and regional impact
Dennis Martin brings over 25 years of experience in the credit reporting industry. He previously served as Group CEO of CTOS Digital and Managing Director of Experian Southeast Asia. Under his leadership, ADVANCE.CBP is expected to play a pivotal role in enhancing access to credit for Filipinos, contributing to the growth of the country's financial sector.
ADVANCE.AI, the parent company of ADVANCE.CBP, is Southeast Asia's leading provider of digital identity verification, compliance, and risk management solutions. Headquartered in Singapore, it partners with over 500 enterprise clients across sectors such as banking, fintech, retail, and e-commerce. Globally, ADVANCE.AI serves major clients like Standard Chartered, Shopee, CIMB, and Home Credit, underscoring its established position in the financial services sector.
