MANILA, Philippines, June 15, 2023 /PRNewswire/ -- Pilon, a Singapore-headquartered FinTech firm that offers cloud-based Supply Chain Financing system, announced today that it has successfully secured a top-up round from Philippines-based Kaya Founders to accelerate growth plans and strengthen its presence in the Philippines market. This undisclosed round of funding follows a highly successful recent seed round in which USD 5.2 million was raised. The additional funds will be utilised in supporting Pilon's growth objectives and improving its operations in the Philippines, allowing the company to scale its innovative solution and help local businesses overcome cash flow challenges.
(Left to Right) Alex Chua, Co-Founder, Pilon and Eddie Lee, Co-Founder and CEO, Pilon
Kaya Founders, a well-known investor known for its commitment to visionary entrepreneurs in the Philippines and Southeast Asia, has expressed confidence in Pilon. Founded by experienced tech entrepreneurs, the fund focuses on investing in digital companies with the potential to disrupt industries and improve lives in the region. Kaya Founders provides strategic guidance, valuable resources, and mentorship to fuel exceptional growth and meaningful change by leveraging their extensive technology and business expertise. They have a strong belief in the transformative power of technology and actively collaborate with entrepreneurs to drive innovation, foster growth, and have a long-term societal impact. Their ultimate goal is to empower digital entrepreneurs, facilitate business growth, and improve the lives of millions of people in the region.
Announcing the same, Eddie Lee, Co-founder and CEO of Pilon, stated, "We are thrilled to announce the successful completion of our top-up funding round, as well as the invaluable support of Kaya Founders. This investment is an important milestone for Pilon because it not only strengthens our financial position but also validates our vision to provide disruptive solutions to local businesses in the Philippines. The additional funding will also be used to improve Pilon's digital product offerings, expand its presence in existing markets like the Philippines and Cambodia, and explore new markets like Vietnam, Thailand, and Indonesia in the coming year."
Pilon has established a dedicated division in Metro Manila to support its expansion plans, assembling a team of relationship managers to provide comprehensive support to enrolled companies on a larger scale. Pilon has incorporated user-friendly features such as live chat and introductory walkthroughs to ensure a seamless experience for owners and Chief Financial Officers (CFOs), recognizing the varying levels of technological familiarity among business owners.
Lisa Gokongwei-Cheng, partner of Kaya Founders says: "Pilon's innovative solutions possess the power to revolutionise the way individuals and businesses engage in transactions, offering flawless and safeguarded payment experiences. We hold strong confidence in Pilon's forward-thinking leadership and their capacity to bring about substantial transformations in the industry. With the infusion of this extra funding, they are aptly poised to expedite their growth and broaden their reach, resulting in enhanced convenience and efficacy for both consumers and businesses. We are delighted to contribute to Pilon's voyage and eagerly anticipate their ongoing success in the global fintech landscape."
Furthermore, Pilon is in the advanced stages of onboarding buyers from key industries in the Philippines, including Retail/Super Marts, Construction & Development, and the F&B sector. This strategic move will strengthen Pilon's market position and encourage collaboration between buyers and suppliers.
Pilon has been at the forefront of enabling suppliers, corporate buyers, and financial institutions to digitise their business processes, optimise invoice financing through technology, and promote financial inclusion since its inception in 2020. Pilon has successfully implemented its system outside of Singapore with Robinsons Bank and Universal Robina, both of which are part of the Gokongwei family conglomerate, which is also one of the largest conglomerates in the Philippines.
Elfren Antonio S. Sarte, president of Robinson Bank says: "At Robinson Bank, we have always been committed to leverage on technology to enhance our services, and this fintech collaboration represents another significant step forward in our journey of innovation. Following an extensive 2 years trial, we have witnessed the efficiency and effectiveness of Pilon's solution firsthand and we believe it will continue to enable us to better serve our customers' evolving needs. Granting them seamless access to early financing options and fostering their business growth."
Pilon is preparing to integrate with other business units within the group, such as the Energy, Retail and the Airlines business.
About Pilon
Founded in 2020 and headquartered in Singapore, Pilon collaborates with banks and financial institutions in the Southeast Asia region that would like to digitalise their factoring processes.
Its platform allows suppliers to gain immediate access to their owed payment and provide buyers more time to pay off their balances. From automating transactions to tracking of approved invoices, Pilon enables both buyers and suppliers to obtain strategic cash flow and improve their operations through technology.
For more information on Pilon, click here: https://www.pilon.sg/
