This Filipino startup lets employees get their salaries in advance; secures $15m debt facility from Lendable

Uploan wants to expand its services to reach more employers.

Faith Baltazar

24 Apr, 2021

This Filipino startup lets employees get their salaries in advance; secures $15m debt facility from Lendable | BEAMSTART News

Uploan is on a mission to provide financial support to more Filipino employees, by allowing them to get their salaries (and various loans) a whole lot quicker.

Headquartered in Manila, the company has just received a $15 million debt facility from London-based loan startup, Lendable.

According to Lendable, Uploan is their first-ever portfolio company in the Philippines.

Uploan's official website.

Uploan provides loans for employers

Launched in 2017, Uploan works with businesses by providing different types of loans for their employees.

These loans come in the form of salary loans, instant cash, insurance, and more. 

Ironically, Uploan claims that while the national government implemented debt repayment restrictions during the pandemic outbreak, its consumer base has grown to over 300,000 employees despite freezing the firm's revenue.

Since 52% of Uploan's customers are female, the firm is a match for Lendable's goal to urge financial institutions to fund women in developing countries like The Philippines.

Applying for Uploan

Uploan will use the debt facility to improve funding

With over 100 partnerships across the country, Uploan seeks to collaborate, allocate funds, and reach more employers as a result of Lendable's investment.

The debt facility will also enable Uploan to scale their services more effectively, reaching more people in need.

Since Upload is backed by the employees' human resources data, the company claims that its financing services can progress and upgrade over time especially with regards to underwriting and pricing.

“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,” mentioned Uploan CEO Liam Grealish.

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