Oriente, a Hong Kong-based startup that develops tech infrastructure for digital credit and other online financial services, has raised $50 million for its ongoing Series B round. The funding was led by Peter Lee, co-chairman of Henderson Land, one of Hong Kong’s largest property developers, with participation from investors including website development platform Wix.com.

Launched in 2017 by Geoff Prentice, one of Skype’s co-founders, Hubert Tai and Lawrence Chu, Oriente focuses on markets that are underserved by traditional financial institutions. The new funding will be used for growth in Oriente’s existing markets, the Philippines and Indonesia, and expansion into new countries including Vietnam.

It will also be used to continue building Oriente’s technology, which uses big data analytics to help merchants increase sales conversions and lower risk. Oriente has now raised over $160 million in equity and debt, including a $105 million round in November 2018.

While many large tech companies, including Grab, Google, Facebook, Amazon, Uber, Apple and Samsung, are looking at digital payments and other online financial services, they need the tech infrastructure to do so, and partners that can also help them handle regulations in different markets.

Oriente doesn’t compete with payment providers. Instead, it is “innovating credit as a service,” Prentice told TechCrunch, by building technology that allows offline and online merchants to launch digital credit solutions quickly.

Oriente “is the only company that is focusing on building an end-to-end digital financial services infrastructure,” he added, with services created for consumers, online and offline merchants, and enterprise clients.

For consumers, the startup currently offers two apps, Cashalo in the Philippines and Finmas in Indonesia, which it says has a combined 5 million users and over 1,000 merchants. Services include cash loans, online credit and working capital for small- to medium-sized enterprises.

Oriente says that in 2019, it saw a 700% year-over-year growth in transactions and served more than 4 million new users, while merchant partners had a more than 20% increase in sales volume.

Over the next few months, Oriente plans to expand its Pay Later digital credit feature and launch new growth capital solutions for small businesses that need financing. Oriente also has several partnerships in the works to expand its enterprise solutions for larger businesses and corporations.

In Vietnam, Oriente is currently beta testing a consumer platform similar to Cashalo and Finmas. It will offer online credit and financing, as well as other services in partnership with local companies.

Oriente has also started focusing on how to serve businesses during the COVID-19 pandemic, since many merchants are coping with revenue declines, loss of users and cash flow issues.

“Over the past few weeks, we’ve reprioritized our corporate strategy to focus on the top opportunities within each market. We have also taken various steps to rebuild our organizations for optimized operational and financial efficiency in line with current and forecasted market conditions and our more focused strategy,” Prentice said.

“Our aim is not only to mitigate anticipated headwinds on liquidity but to demonstrate that our business has the potential to overcome and outperform the market in a recession—unlocking value for all stakeholders for years to come.”