Advanced Merchant Payments Pulls in Undisclosed Amount of Funding
FINOVATE: Advanced Merchant Payments (AMP), a company that provides banks technology to offer loans to their small business customers, pulled in an undisclosed amount of funding today from Route 66 Ventures. The new installment is a follow-on round to the $5 million Series A round received in November 2014 from SBT Venture Capital.
Hong Kong-based AMP enables banks and merchant acquirers to originate and manage small business loans. The loans are made to serve small businesses that are too large for a consumer loan and too small for a traditional small business loan.
AMP will use the new funds to accelerate the development of its lending platform.
AMP, which operates in Hong Kong, Singapore, the Philippines, and the United Kingdom, debuted its small business lending solution for banks at FinovateEurope 2014.