Advance Tech Lending provides an online platform for salary loans, utilizing a streamlined digital application process to facilitate quick access to funds. This service addresses the immediate financial needs of individuals requiring short-term liquidity without the lengthy approval times typical of traditional lending institutions.
Funding
$17.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses, especially SMEs and large enterprises in Southeast Asia, face challenges in maintaining consistent cash flow due to delayed receivables and unexpected payroll expenses. Employees also often lack access to immediate funds for emergencies, impacting their financial wellness and productivity.
Solution
Advance Tech Lending provides a suite of financial solutions designed to improve cash flow for businesses and enhance financial security for their employees. The company offers invoice financing and payroll financing to help businesses bridge financial gaps caused by late client payments. For employees, Advance provides a salary advance service, giving them access to a portion of their earned wages before payday through a flexible credit line. This service is accessible via a mobile app, providing instant disbursement and easy management of funds, without requiring collateral.
Target Audience
Advance serves SMEs and large enterprises seeking to improve their cash flow and provide financial wellness benefits to their employees, as well as employees seeking access to short-term credit for emergencies.
Features
- Invoice Financing: Revolving credit line to unlock funds tied up in unpaid receivables, with repayment terms up to 60 days and financing up to ₱20M.
- Payroll Financing: Credit and disbursement solution to ensure timely payroll, even during cash flow gaps, with disbursement directly to employees and repayment terms up to 60 days.
- Salary Advance: Revolving credit line for employees, providing 24/7 instant disbursement and bill payment services, accessible through a user-friendly mobile app.
- Dynamic credit line: Allows users to access their line multiple times until credit is fully utilized.
- Analytics and insights: Provides businesses with insights into their team's financial needs.
- Integration with payroll systems: Partners with payroll providers for seamless access to employees.