ABOITIZ-LED lending marketplace SeekCap is looking to process P33.5 billion in credit this year to extend more financing for small businesses, it said in a statement.

“Our goal is to reach 100,000 new customers this year or about 10% of the total growing businesses in the country,” UBX Managing Director for Lending Marcy Pilar-Inajada said. UBX is the financial technology venture studio and fund of the UnionBank of the Philippines, Inc.

Last year, the platform was able to process P6 billion in loans, a fourfold increase from 2020. These financing went to more than 40,000 micro-, small-, and medium-sized enterprises (MSMEs).

SeekCap said it will continue to seek partnerships with more MSME ecosystems and players from e-commerce, franchising and wholesale industries to expand its reach.

Its current partners include Lazada Philippines and foodpanda. Last year, it also inked a partnership with Maxicare HealthCare Corp., allowing Maxicare MSME users to avail of credit ranging from P50,000 to P1 million.

SeekCap has also partnered with the local government of Pasig for the city’s business loan program.

“Our strategy is to activate as many channels as we can. With the partnerships with the government, we hope to activate more channels within the different cities and provinces, especially in the far-flung areas where the unserved and underserved are,” Ms. Pilar-Inajada said.

MSMEs account for about 99.5% of total registered businesses in the Philippines and are among the worst hit by the pandemic.

UnionBank, the parent of SeekCap, recorded a net profit of P12.6 billion in 2021, higher by 9% from a year earlier. This was driven by improving revenues and declining loan loss provisions.

The bank’s shares closed at P99.60 apiece on Tuesday, down by 40 centavos or 0.40% from its previous finish. — L.W.T. Noble

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