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.