SeekCap, the lending marketplace of Union Bank of the Philippines (UnionBank)’s fintech arm UBX, has been cited as among top 7 fintech startups in the Philippines by  Startup Genome’s Global Startup Ecosystem Report.

This recognition comes barely six months after SeekCap was launched in November last year. SeekCap targets to cater to the underserved micro, small and medium enterprises (MSMES) who make up the backbone of the Philippine economy.

In partnership with Ping An’s associate firm OneConnect Financial Technology, SeekCap aims to shorten the turnaround time in loan application.

According to Startup Genome’s Global Startup Ecosystem Report, fintech companies now compose 15% of Manila’s startups.

SeekCap, being one of them, has made significant strides and is seen to perform even better in the coming months, the report said.

Most recently, SeekCap partnered with e-commerce giant Lazada to help more MSMEs get access to financing.

To date, over 6,000 MSMEs have signed up, with a 300% increase in loan applications posted during the first quarter.