15 June 2023
Partnership with Kaya Founders reinforces Pilon’s vision to revolutionize cash flow management for businesses in the Philippines.
Pilon, the Singapore-based FinTech firm specializing in cloud-based Supply Chain Financing, has announced the successful completion of a top-up funding round, further solidifying its position in the market. The undisclosed investment, led by Kaya Founders, a prominent investor in visionary entrepreneurs in Southeast Asia, will accelerate Pilon’s growth plans and strengthen its presence in the Philippines. This funding comes on the heels of a highly successful seed round that raised USD 5.2 million, fueling the company’s mission to help local businesses overcome cash flow challenges and scale its innovative solution.
Kaya Founders – Catalysts for Transformation
Kaya Founders, renowned for their commitment to fostering innovation and positive change, has expressed confidence in Pilon’s potential to disrupt the industry. Founded by experienced tech entrepreneurs, the fund actively collaborates with visionary digital companies to drive innovation, facilitate business growth, and improve lives in the region. With a focus on strategic guidance and leveraging their extensive technology and business expertise, Kaya Founders aims to empower digital entrepreneurs and make a long-term societal impact.
Eddie Lee, Co-founder and CEO of Pilon, commented on the significance of the funding round, “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.”
Expanding Market Reach and Digital Product Offerings
With the additional funding secured, Pilon plans to enhance its digital product offerings, expand its operations in the Philippines and Cambodia, and explore new markets such as Vietnam, Thailand, and Indonesia. Pilon has already 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. The company’s commitment to user-friendly features, including live chat and introductory walkthroughs, ensures a seamless experience for business owners and Chief Financial Officers (CFOs) while accommodating varying levels of technological familiarity.
Lisa Gokongwei-Cheng, partner of Kaya Founders, shared her confidence in Pilon’s potential, “Pilon’s innovative solutions possess the power to revolutionize the way individuals and businesses engage in transactions, offering flawless and safeguarded payment experiences. 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.”
Strengthening Market Position and Collaborations
Pilon’s strategic focus extends to onboarding buyers from key industries in the Philippines, including Retail/Super Marts, Construction & Development, and the F&B sector. This move strengthens the company’s market position and encourages collaboration between buyers and suppliers, fostering mutually beneficial relationships and unlocking new opportunities.
Partnering with Key Industry Players
Pilon has already made significant strides in implementing its system beyond Singapore, with successful collaborations with Robinsons Bank and Universal Robina, both part of the Gokongwei family conglomerate and among the largest conglomerates in the Philippines. These partnerships demonstrate the trust placed in Pilon’s solution and its ability to optimize invoice financing and digitize business processes. Elfren Antonio S. Sarte, President of Robinson Bank, praised the collaboration, stating, “We have witnessed the efficiency and effectiveness of Pilon’s solution firsthand and believe it will continue to enable us to better serve our customers’ evolving needs.”
Future Growth and Integration – Looking ahead, Pilon is preparing to integrate with other business units within the group, including Energy, Retail, and Airlines, harnessing synergies and expanding its reach across diverse sectors.
Pilon’s successful top-up funding round, coupled with the backing of Kaya Founders, reinforces the company’s mission to revolutionize supply chain financing and empower businesses in the Philippines. With a strategic focus on expanding its digital offerings, strengthening market presence, and fostering collaborations with key industry players, Pilon is well-positioned to drive innovation, address cash flow challenges, and facilitate business growth in the region’s fintech landscape.