Home Credit taps 5 banks for P2.25B loan
The disruptor tapped these banks so that they can all grow.
Alternative lending firm Home Credit Philippines (HCPH) has secured a P2.25-billion loan line from five local banks as it charts its aggressive expansion in the Philippines.
In a statement, the Prague-based financial company secured a syndicated loan from the group of Citibank N.A (Philippines), Union Bank of
the Philippines, East West Bank, Rizal Commercial Banking Corporation, and CTBC Bank Philippines.
Home Credit allows Filipinos to pay gadgets and other big purchases on an installment basis without a credit card, and requires a shorter list of requirements than banks before a loan is approved.
The fresh money supply will allow HCPH to hit its two-million customer and P12 billion receivables target for 2017, according chief financial officer Zdenek Jankovsky.
“This syndicated loan is highly strategic in sustaining our steep growth, and we are happy to be partnering with leading banks who share our vision,” Jankovsky said in a statement.
“In terms of agility and speed of progress, HCPH can be compared to a startup, especially since we are only four years old. But in terms of customer base and volume being generated, we are already comparable to much older and mature companies,” he added.
The old saying goes: Keep your friends close and your enemies closer.