Hong Kong-based fintech startup Oriente has raised $50m in an on-going Series B funding round to expand its presence in new geographies.

Henderson Land co-chairman Peter Lee acted as the lead investor in the funding round and was joined by Wix.com along with other existing investors.

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The latest infusion brings the total amount raised by the company to date to more than $160m, including a $20-50m debt funding facility, won recently from Silverhorn Group.

Oriente will use the fresh funds to accelerate growth in its existing markets and expand into new markets, such as Vietnam.

The capital will also help in boosting the firm’s product offerings and technology as well as strengthening its big-data capabilities.

Oriente co-founder Geoffrey Prentice said: “This investment, which comes during a time of significant global economic turmoil, puts us in a strong position as we look to step up our efforts in a highly competitive sector.

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“Southeast Asia’s vastly underserved merchant consumer ecosystem has tremendous economic potential, and we are excited to power a more capable financial services infrastructure that is purpose-built to unlock this.”

The company claims that in 2019, its transactions volume surged 700% year-on-year and it served over four million new users.

The firm also said that its merchant partners recorded over 20% surge in sales last year.

Established in 2017, Oriente currently serves over five million users and 1,000 merchants across Philippines and Indonesia via its Cashalo and Finmas apps, respectively.

It provides a suite of financial services such as cash loans, digital-credit, offline to online consumer finance, POS lending solutions, and working capital financing for SMEs and MSMEs.