Gokongwei group's HK partner gets $20 million funding for loan app venture

ABS-CBN News

Posted at Mar 10 2020 12:35 PM

Gokongwei group's HK partner gets $20 million funding for loan app venture 1
People queue up at a Cashalo booth in this photo from the financial technology app's Facebook Page

MANILA -- The Gokongwei group's Hong Kong-based partner in its consumer loan app venture, Cashalo, said Tuesday it secured $20 million in fresh funding to help grow its loan book.

Technology and data science firm Oriente said it secured the debt facility from Silverhorn Group, the largest so far from an institutional lender.

Cashalo has over 2.5 million users and 6.5 million app downloads 18 months since its launch, Oriente said.

"As we enter the next stage of growth on our mission to helping ignite economic opportunity for tens of millions of consumers and micro-enterprises, the support we receive from our debt partners is critical," said Oriente co-founder Geoffrey Prentice.