Cambodia Fintech Company Elevating Access to Finance

By Seng Mengheng?on?July 15, 2023

Cambodia-based tech platform, Boost Capital, is helping transform the region’s financial institutions with its revolutionary chat-based financial services, while promoting the Kingdom’s burgeoning fintech sector regionwide.

Boost's mission is to address the traditional in-person banking model by empowering banks to offer digital loans and savings products. This allows customers to apply within minutes without needing to download apps.

Lucinda Revell, Co-Founder of Boost Capital, said,

"We are transforming financial institutions, enabling them to reach a massive new customer base through our simple and integrated platform."

The Phnom Penh-headquartered tech company launched operations in Cambodia in 2019 and since then has gained support from notable investors.

It successfully raised $2.5 million in a funding round, attracting investments from prominent entities, such as Village Global, a renowned Silicon Valley-based investor with connections to industry leaders, including Bill Gates and Mark Zuckerberg.

The funding secured in this round will facilitate Boost's expansion in Cambodia and its entry into new markets, such as the Philippines and Indonesia. Moreover, it will enable the addition of new financial products to the platform, including savings accounts and microinsurance.

Boost also plans to enhance its financial education offerings further, leveraging its interactive and tailored approach to engage users effectively.

“We operate as a technology platform that facilitates regulated financial institutions to offer digital lending and savings services,“ she said, adding that Boost is not engaged in providing digital finance directly.

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Boost's platform operates under a white-label model, allowing its technology to be seamlessly integrated under the branding of its banking partners. By leveraging marketing channels, such as social media ads and referrals, customers can initiate a chat-based loan or savings application on platforms including Messenger, Telegram and WhatsApp.

Within minutes, customers receive personalized loan offers based on their responses to a few key questions.

Since Boost tech processes microfinance applications through chat, it eliminates the need for app downloads or additional learning. Users can apply anytime and anywhere, making it highly accessible.

Boost's platform generates a wealth of data for banks, providing insights into applicants who may have been previously rejected or dropped off during the traditional lending process.

This data empowers banks to adjust their loan and savings products to serve the unbanked or underbanked segments better. Revell said, "We are giving banks the tools to understand better and serve the underserved population by harnessing the power of data."

Revell believes Cambodia has all the ingredients for success in the digitization of finance. She stated, "We envision a future where more people can access financial services through digital channels, making interactions easier and more inclusive."

She said that on average, customers save 1.7 days of busy time and experience four to five days of waiting time savings.

Boost aims to expand its services, with plans to launch savings products in collaboration with banking partner AMK and venture into microinsurance in the future.

Revell shared her optimistic outlook for Cambodia’s fintech landscape, stating, "With a supportive regulator, a robust credit bureau, and forward-thinking financial institutions, Cambodia is poised for digital finance success."

First published: Cambodia Fintech Company Elevating Access to Finance

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