Cambodian Fintech DIGICRO Raises US$300K From Seed Funding - Reuters

 

Cambodian Fintech DIGICRO Raises US$300K From Seed Funding

Cambodian Fintech DIGICRO Raises US$300K From Seed Funding

Thu Feb 7, 2019 - 10:52am UTC

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7/2/2019 – DIGICRO, short for digital microfinance was founded by Yuta Nagano in 2018 and currently headquartered in Singapore. The funding will be used to boost its Cambodian microloans app operations.

SPEAN LUY Co., Ltd, the subsidiary of DIGICRO based in Cambodia, had created a mobile app named Spean Loan. Backed with machine learning, the mobile app aimed to provide microloans to the Cambodian market.

The microloans app is targeting to serve the Cambodian community members who can’t get a loan due to a lacking of official documents or collateral to provide, or live in remote areas that are not served by banks. Instant approval will be available to help local entrepreneurs to receive their daily working capital and those who are in need of emergency funds.

According to the statement released by DIGICRO, no paperworks or office visits are needed for a loan processing. While small loans ranging from $50 up to $1000 can be approved in 10 minutes.

Backed by machine learning, the mobile app will create a credit scoring system to evaluate the borrowers’ ability to repay their debt.

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”

The mobile app is available in both iOS and Android.

Currently, the company is yet to receive a business licence to roll out a full-fledged operation in Cambodia. It expects to receive the approval this month.

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