Fintech company Skyro targeting to disburse P16 billion in loans this year

FINANCIAL TECHNOLOGY company Skyro is aiming to disburse P15 billion to P16 billion in loans this year as it looks to tap underserved provinces and increase its merchant partners.

“In US dollar terms, it’s approximately $300 million that we think that we’re going to lend. That would be approximately P15 billion, close to P16 billion in total loans that will be issued,” Skyro Co-Founder and Co-Chief Executive Officer Nasim Aliev said at a media briefing on Tuesday.

Skyro was launched in the country in 2022. It is backed by Singapore-headquartered fintech Breeze Ventures and operates in the Philippines through financing company Advanced Finance Solutions, Inc. and lending company Skyro Lending, Inc., which are both registered with the Securities and Exchange Commission. Skyro Lending owns the Skyro app.

The company has disbursed P11 billion worth of loans to date as of last week, it said.

Skyro Point of Sale Business Head Lowen Medina said 70% of their loan disbursements are used by customers to buy mobile phones, while the remaining 30% is spent on laptops or personal computers, furniture, TVs and electronics, and home appliances.

Mr. Medina said the company will continue to expand its reach to underserved areas and sectors to grow its client base.

“Even though we are 100% in regional penetration, there are still areas of opportunities for us. In the Philippines, there are some untapped provinces. There are also some untapped sectors that we want to push for, not only for this year, but in the next coming years,” he said.

Skyro is also looking to expand its partner merchants to support its loan disbursements.

“There are a lot of new merchants that we want to onboard, not only offline, but also online. We have the same goal for our cash load partner merchants,” Mr. Medina said.

The company currently has more than 100 online merchants and over 1,600 offline merchants in 5,000 locations. It also has 13 brand partners.

Mr. Aliev added that Skyro will look to raise about $90 million from both local and international banks this year to fund its growth plans.

“I think the banks are more cautious, especially international banks this time. What’s happening in international markets is incredible, but they will be more cautious. But [local] private lenders, they have more of an appetite for risk,” he added. — A.M.C. Sy