DIGICRO Pte Ltd has raised US$300K from investors led by a Japanese venture capital Showcase Capital.
The capital will help boost its micro loan service to support the unbanked people in Cambodia through its subsidiary SPEAN LUY Co., Ltd.
SPEAN LUY was incorporated in Cambodia, and recently developed a mobile app Spean Loan to provide micro loans using machine learning.
It enables borrowers to apply for a small loan in 10 minutes ranging from $50 up to $1,000 without paperwork or office visit. Spean Loan uses machine learning to build credit scoring system and evaluate their ability to repay. Currently it has both iOS and Android, and the company is waiting to get a business license to operate a loan service which is expected to be approved in Feb 2019.
Faizal Martinus, Head of IT at SPEAN LUY, said “This new way of applying loan on Spean Loan that uses smart technology to gather information from our customers helps them get a loan as fast as possible, while screening them to get the most credible customers. We minimise the hassle commonly faced during loan applications. Most importantly, the data will be stored in a secure and protected environment”
DIGICRO, which stands for Digital Microfinance, was founded by Yuta Nagano in 2018 whose aim is to give all people access to finance in the world. He said “More than 60% of Cambodian have access to internet but many of them still cannot get a loan because they have lack of official documents or collateral to provide, or they live in a remote area that banks don’t operate. Our team developed Spean Loan to serve those underserved through our app. The instant approval will help micro entrepreneurs get their daily working capital and people who need emergency funds. We strongly believe we can contribute to Financial Inclusion in the country”
Today there are over 2 billion people who have no access to finance in the world. DIGICRO will be the leading player to tackle this challenge in Cambodia and other emerging markets.