Yesterday, as we began looking forward to FinovateEurope, we heard news from a 2014 alum, Advanced Merchant Payments (AMP).
AMP, a company that provides banks with alternative lending options for small-and-medium (SMB) businesses, pulled in a fresh $5 million this week. The funding, a first for the Hong Kong-based company, comes from SBT Venture Capital.
AMP operates in Hong Kong, Singapore, and the Philippines, and has recently expanded into the UK, participating in London’s Level39 fintech accelerator. It plans to use the funding to further internationalize and scale the business.
Founded in 2009, AMP helps financial institutions offer financing to small business customers by managing some or all stages of the loan process, including:
- Qualification
- Verification
- Credit scoring
- Approval
- Disbursement
- Daily repayment
- Risk monitoring
AMP debuted its small business lending solution for banks at FinovateEurope 2014.