Advance, a Philippines-based financial technology company and Cebuana Lhuillier strengthened their partnership with the signing of a P100 million lending deal to empower businesses and individuals across the country.
The strategic move will enable Advance to expand its lending services, providing much-needed financial support to both individual employees and small and medium-sized enterprises (SMEs).
“Advance has been a valued partner of Cebuana Lhuillier since we joined hands in 2022. Through our Cebuana Lhuillier-Advance Salary Loans product, we have seen firsthand how Advance shares Cebuana Lhuillier’s vision of enhancing the financial wellness of every Filipino,” Cebuana Lhuillier chief finance officer (CFO) Cliff Cabungcal said.
“With this signed loan facility agreement solidifying our partnership, we at Cebuana Lhuillier are excited to see how Advance will unlock the growth potential of businesses across industries,” he said.
Advance chief executive Jaime de los Angeles said: “We deeply admire how Cebuana Lhuillier continues to champion financial inclusion in this country. We are excited to work closely together and expand our coverage to more businesses in need of growth capital through Advance’s financial programs.”
Cebuana Lhuillier teamed up with Advance to launch and introduce its latest service—Cebuana Lhuillier Advance in May 2023.
Cebuana Lhuillier Advance enables employees to access a portion of their salaries as a revolving line of credit whenever they need to. Aside from round-the-clock access to credit, it also boasts of instant disbursement, fast approval and paperless transaction.
It also provides account management; customer support; and flexibility on value added services at very fair charges.
Advance is a regional fintech company operating out of the Philippines and Vietnam.
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