Asia Pacific’s Zetl, a growth financing fintech, has teamed up with Filipino bank Netbank to help SMEs in the Philippines with financing.
Under this partnership, Zetl will identify ‘asset light’ SMEs with a regular and guaranteed income stream, seeking funding. Netbank will provide loans to these companies, allowing them to accelerate their growth.
According to the companies, Filipino SMEs frequently encounter difficulties with day-to-day liquidity, primarily because of shortages in working capital.
Under the partnership, Zetl provides business process outsourcing (BPO) firms and workforce agencies with regular funding by discounting the invoices issued by these companies. While Netbank, a banking as a service platform in Southeast Asia operating on a full banking licence, provides specialist accounts and loan services, such as loan disbursements and repayments.
“We are excited to work with Zetl, which is deploying expertise in credit risk management and client identification, so that we can accelerate the funding to critical industries such as BPOs and outsourcing,” says Gus Poston, chairman and co-founder of Netbank. We see significant growth opportunities in this segment and look forward to an effective partnership with Zetl.”
Shan Han, co-founder and CEO of Zetl, adds: “We are delighted to be working with Netbank, which is enabling us to serve Filipino SMEs with flexible revenue based products and business accounts to power their growth. Netbank offers a world class fully regulated BaaS service which will help us to deliver better financial products to our customers.”