Advance offers two key products: salary advances and payroll finance. It allows employees to access their earned wages on demand through a flexible, revolving line of credit, with loan payments automated via salary deductions to minimise risk.
Problem
- Limited access to employee credit: Many employees lack access to traditional credit, with 36 million employees in the Philippines underserved. This forces approximately 40% of Filipinos to turn to loan sharks, who charge as much as 20% per month.
- SME funding challenges: Meanwhile, 60% of SMEs in Southeast Asia struggle to secure funding from traditional sources due to a lack of collateral.
Solution
- Unlocking future earnings: Advance provides salary advances and payroll finance to help SMEs and employees access their future earnings.
- Earned Wage Access (EWA): Employees can advance up to 50% of their gross salary at 15 to 60-day terms, a flat fee of 3.5-5%, and a 2% monthly interest rate on 60-day loans. Funds are disbursed instantly to any bank account, 24/7.
- Payroll Finance: Advance offers payroll financing services to help companies manage funding gaps, ensuring business continuity, growth, and cash flow.
Media Links
Type
HR & Recruitment
Focus Area
Enterprise and Sustainability
Capital Raised (US$)
6M to 20M
Operational HQ
Philippines
SECTOR
Enterprise Data & Software, Enterprise Hardware, and FinTech
status
Current
founders
Addi Guevara, Jaime de los Angeles
partnered
2019
exited
You may be interested in...
