SeekCap, an online lending marketplace built by leading open finance platform UBX, is eyeing to grow its loans processed to P33.5 billion this year. The growth target is part of the company to further strengthen its pursuit for partnerships with online communities, platforms, and governments to reach more micro, small and medium enterprises (MSMEs) who need access to business loans.
Last year, SeekCap processed over P6 billion in loans from more than 40,000 MSMEs. This year, SeekCap will go for a target that is six times higher than the volume last year.
“We (at SeekCap) believe that by democratizing access to loans, we will be able to help more growing businesses expand their operations and help in the recovery of the overall economy this year,” Marcy Pilar-Inajada, managing director for Lending, UBX.
This year, SeekCap plans to partner with more MSME ecosystems, as well as e-commerce, franchising, and wholesale players to further expand its reach.
“The opportunity for SeekCap is huge, given that 99.51 percent of all businesses in the Philippines are MSMEs. Our goal is to reach 100,000 new customers this year or about 10 percent of the total growing businesses in the country,” Pilar-Inajada said.
SeekCap simplifies the processing of business loans through its digital platform. Business loans may be processed in as fast as 24 hours, which is significantly faster than the minimum 30-day approval time for most banks.
SeekCap also plans to bring local governments into its end-to-end digital lending platform to encourage their citizens to grow their businesses through financing.
“Our strategy is to activate as many channels as we can. With the partnerships with the government, we hope to activate more channels within the different cities and provinces, especially in the far-flung areas where the unserved and underserved are,” Pilar-Inajada said.