HK-Based Startup Advanced Merchant Payments Raised US$5M
Hong Kong-based start-up Advanced Merchant Payments (“AMP”) has secured US$5 million from SBT Venture Capital in a Series A round – funding which will be used to fuel growth and innovation in “alternative” small business lending.
Advanced Merchant Payments (“AMP”), a financial technology company that enables banks and other business service providers to deploy “alternative lending” technologies for the benefit of their small business customers, today announced that it has secured US$5 million from SBT Venture Capital in its Series A round of institutional financing. The funds will be used to scale and further internationalise the business, build out the underlying technology, and reach new partners for AMP’s innovative loan origination and automated portfolio management platform.
Established in 2009, AMP allows for the fast, efficient, and profitable provision of short-term unsecured loans to traditionally underserved micro, small, and medium-sized enterprises (MSMEs). The company has operations in Hong Kong, Singapore, and the Philippines, and has recently expanded into the United Kingdom with an office in London’s Level39, Europe’s largest “fintech” accelerator space. The continued growth of the company has been driven by the demand from underserved small businesses for access to capital in a formal and regulated manner – in both developed and emerging markets. AMP seeks to enable banks and other business service providers to offer a profitable product designed to fill this recognised market gap, thereby increasing wallet share and customer loyalty, while minimising the threat of disintermediation from informal and “alternative” lenders.
“Micro, small, and medium-sized enterprises play a critical role in economic growth and employment yet many find it impossible to access traditional bank financing – even where they have existing bank relationships”, said Thomas J. DeLuca, Chief Executive Officer of Advanced Merchant Payments. As a result, such businesses typically turn to informal or newer technology-powered ‘alternative’ lenders in order to service their ever-present financing needs. “We differ from other alternative lenders in that we firmly believe that the key to addressing the MSME credit gap is to enable banks and other institutions to serve their own small business customers. We are truly excited about this investment from SBT Venture Capital, and look forward to further capitalising on the growing market opportunity in alternative small business lending.”
“We are very excited about this investment and look forward to helping AMP expand their footprint globally. AMP combines disruption and innovation in a traditional banking space, enabling financial institutions to serve the high growth potential SME lending business” says Matteo Rizzi, Partner of SBT Venture Capital.
About Advanced Merchant Payments
Established in 2009, Advanced Merchant Payments (AMP) enables banks, non-bank financial institutions, and other business service providers to deploy “alternative lending” technologies for the benefit of their small business customers. AMP’s patented loan origination and automated portfolio management processes and technologies allow for the fast, efficient, and profitable provision of short- term, unsecured loans to traditionally underserved micro, small and medium-sized enterprises (MSMEs). AMP’s technology-powered platform uses innovative credit models combined with daily performance data to evaluate business performance and facilitate access to capital.
AMP currently has operations in Hong Kong, Singapore, the Philippines, and the United Kingdom – with expansion plans across Asia and Europe. The company was recently recognised by SWIFT as a ‘growth- stage innovator’ during the 2014 Innotribe Challenge, and selected by Accenture to participate in the 2014 FinTech Innovation Lab Asia-Pacific.
For more information about the company, please visit www.advanced-pay.com
About SBT Venture Capital
SBT Venture Capital manages a fin-tech fund investing in the most promising start-ups of the financial industry. SBT brings together considerable experience in the banking industry, an incredible network of financial services companies and related technology vendors, and one of the biggest banks on the planet as primary partner. SBT focuses on early-stage growth companies already generating revenue but in need of capital and the right network to reach scale.
For more information, please visit www.sbt-vc.com