Debt Facility Powers Expansion
SAVii Asia Ltd, South East Asia’s leading fintech provider of salary-linked financial services, has recently raised funding of up to USD 15 million from Lendable Inc., a leading provider of debt to financial technology companies in emerging and frontier markets. This partnership will enable SAVii to partner with more corporate employers, allowing more employees access to affordable financial assistance.
In partnership with some of the largest employers in the Philippines, SAVii currently offers affordable loans, salary advances and insurance products – all underpinned by accessible and engaging financial education to improve the financial well-being of working Filipinos.
Aaron Collett, Head of Asia Origination, Lendable, celebrates the deal. “SAVii 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.”
Expansion to service Women during crisis
SAVii ’s business practices reflect its commitment to responsible financial services. Today, 52% of SAVii ’s customers are women, despite representing only 35 – 40% of the Philippines’ labor force. Powered by HR data, SAVii provides better underwriting and pricing to working Filipinos, as only a few have a credit history. SAVii ’s digitized and automated platform has enabled customers to avail of loans in proportion to salaries. This ensures monthly repayments do not create an unhealthy burden to customers who use these loans for education, household or medical expenses.
This partnership with Lendable, a 2X eligible firm that is committed to making financial services inclusive of women, will help both firms move closer towards the goal of gender equity in finance. Forming this partnership in a volatile economic climate speaks to SAVii ’s strength as a firm and Lendable’s commitment to lend through the cycle.
Stability through the crisis for women and beyond
Liam Grealish, Chief Executive Officer, SAVii , commented,“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 progressive employers, SAVii is committed to helping millions of Filipinos move out of financial distress through this transition out of the pandemic and beyond.”
“SAVii ’s prudent business model, digitization of processes and deep team expertise has allowed them to successfully underwrite risk in difficult times.” Mr. Collet says, echoing Grealish’s enthusiasm for financing that can make an impact beyond the bottom line. “The deal simply would not have been possible without their years of hard work building an exceptional business and each member of their team treating us as a partner from day one.”
SAVii ’s 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. Today, the team works with over 300,000 employees across 100 corporations.