SG’s Pilon secures new funding to bolster presence in the Philippines

Pilon co-founders Alex Chua (left) and Eddie Lee / Photo credit: Pilon

Pilon, a Singapore-based fintech firm, has raised a new funding round from Philippine-based Kaya Founders. The amount and stage were undisclosed.

In a statement, Pilon said it will use the new funds to accelerate growth plans and strengthen its presence in the Philippines.

Co-founder and CEO Eddie Lee said that the fresh capital will also help the company improve its digital product offerings and expand its presence in Cambodia. In the coming year, the firm aims to explore new markets such as Vietnam, Thailand, and Indonesia.

Funding details

• Funding amount: Undisclosed
• Lead investor: Kaya Founders
• Stage: Undisclosed

Founded in 2020 by Lee and Alex Chua, Pilon offers a cloud-based supply chain financing system. It collaborates with banks and financial institutions to digitalize their factoring processes. The platform also allows suppliers to gain immediate access to their due payments and provides buyers more time to settle their balances.

Pilon has set up a specialized division in the Philippine capital of Metro Manila to spearhead its expansion efforts. Additionally, it’s currently working on onboarding buyers from various industries including retail, construction and development, as well as food and beverage.

In January, the company raised US$5.2 million in a seed funding round led by Wavemaker Partners.

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Meanwhile, Kaya Founders recently announced that it had secured US$12 million for two new funds that will invest in tech startups in Southeast Asia. The company said it will write checks ranging from US$150,000 to US$500,000.

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