In line with their commitment to promote financial inclusion, GCash and its affiliate FUSE Lending have signed a Memorandum of Agreement (MOA) with Esquire Financing to extend non-collateral business loans to small, and medium enterprises (SMEs).
The agreement is an important milestone in improving the scalability of credit-worthy entrepreneurs, as Esquire Financing enables GCash to extend credit to deserving SMEs.
GCash lineup of lending products currently includes GCredit, which offers a revolving credit line, GGives, which enables users to break down payments into easy installment plans, and GLoan, which offers all-purpose cash loans based on the user's credit score. The partnership with Esquire is seen helping SMEs expand their operations.
The strategic partnership reflects their commitment to their common vision of “Finance for All.” GCash, FUSE Lending, and Esquire Financing are now working together in removing the barriers to business growth by providing SMEs with seamless access to vital capital.
"When we heard about the opportunity to work with Esquire Financing, we were really excited. This will be a perfect synergy between our strengths in providing a frictionless experience to access credit for entrepreneurs," said FUSE Lending CEO Tony Isidro.
Esquire Financing was established in 2011 and has since become the biggest non-bank lender in the SME space. It introduced non-collateral business loans tailored to the unique requirements of each credit-worthy SME, ranging from P100,000 to P10 million.
"We're very happy to announce this partnership with FUSE Lending and GCash. The future is on mobile disbursements as well as mobile collections. We see the partnership with GCash and FUSE will be very fruitful as we unlock more accessible ways for business owners to access much-needed funds," said Esquire Financing Chairman and CEO Rajan Uttamchandani.
By combining GCash’s large customer base and ease of using the app, FUSE’s strength in retail lending, along with Esquire Finance’s expertise on SME lending, the partnership is poised to empower millions of entrepreneurs across the country and revolutionize their access to much-needed capital.
For more information, visit https://www.gcash.com.
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About GCash
GCash (G-Xchange, Inc.) is the #1 Finance App in the Philippines. Through the GCash App, users can easily purchase prepaid airtime; pay bills at over 1,600 partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6M partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only duacorn in the Philippines which is a part of the country's leading digital solutions platform, Globe Group.
GCash is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
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