Manila, 20 April, 2021 – SAVii Asia Ltd, South East Asia’s leading fintech provider of salary-linked financial services, has 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. A committed amount of USD 6 million will be available for immediate use to support SAVii’s fast-growing demand. This partnership will enable SAVii to partner with more corporate employers, allowing more employees access to affordable financial services.
The Philippines implemented one of the most severe lockdowns in the region, leading to a 10% contraction in GDP and a 15% spike in unemployment at its peak. Two debt repayment moratoriums and one of the world’s longest quarantine lockdowns were also imposed which froze SAVii’s revenue for an extended period. During this difficult time, SAVii grew its customer base to more than 300,000 employees serviced, avoided a spike in non-performing loans and became the first fintech company to provide free Covid insurance to all its customers.
“Filipinos are facing unprecedented financial distress and many don’t have enough money to make ends meet despite being in employment.” Liam Grealish, Chief Executive Officer, SAVii, explains, “In closing this facility during a global pandemic, the Lendable team have demonstrated impressive insight into fintech drawn from their global experience across emerging markets. The facility would not have closed without this leading experience.”
Expanding financial services throughout Southeast Asia
SAVii is Lendable’s first client in the Philippines. The firm has expertly navigated the headwinds to its business during the covid crisis and Lendable’s facility represents a step-change in the scale of SAVii’s debt facilities.
“We are excited to close this facility with SAVii and expand our reach to new markets in Southeast Asia.” Aaron Collett, Head of Asia Origination, Lendable, comments, “The SAVii team has navigated the exceptionally difficult operating and macroeconomic environment in the Philippines during covid. Through the diligence process we have seen SAVii evolve and emerge as a stronger firm from each covid shock.”
Founded in 2015, Lendable has an active portfolio of debt financing investments in fintech companies across Africa, Asia and Latin America. Lendable works with fintechs including digital payment providers, asset financing companies, off-grid energy companies, MSME lenders, consumer lenders, and digital marketplaces.
“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.” Collet describes.
“Their prudent business model, digitization of processes and deep team expertise has allowed them to successfully underwrite risk in difficult times. 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.” He adds.
The long-term facility will allow SAVii to grow their loan book, redeploy Lendable’s capital several times and hold more exposure on-balance sheet. The transaction’s security structure, complying to new regulations adopted in 2020, also establishes a secured debt infrastructure that paves a clear path for SAVii to expand their institutional debt into the future.
Lendable is the leading debt provider to fintech companies across emerging and frontier markets. Founded in 2015, the company has an active portfolio of debt financing investments in fintech companies across Africa, Asia and Latin America. Lendable works with fintechs including digital payment providers, asset financing companies, off-grid energy companies, MSME lenders, consumer lenders, and digital marketplaces.
SAVii is revolutionizing the employee wellness landscape. Our 100+ corporate employer partners not only benefit from tailor made programs to enhance financial wellness of their workforce to unlock engagement and productivity, but also to data insight that can help manage attrition. We support over 400,000 employees with safe, convenient, and affordable loans, advances, and mental health support. Connect with us on Twitter @SaviiPH or find out more at savii.io/ph.
For investor relation inquires email: firstname.lastname@example.org