Credit management services firm AsiaCollect has secured an undisclosed amount of investment in a round led by global technology investment firm SIG Asia Investments, which brings the company’s total funding to $4.5 million.

One of the participating investors in the round, the startup announced in a release, is Dymon Asia Ventures, the venture capital arm of Dymon Asia Capital, which led the company’s pre-Series A funding round last year.

AsiaCollect says its proprietary technology streamlines and automates a majority of debt collection processes while minimizing the need for field collection, which has traditionally been associated with high reputational risk for lenders and a distressing experience for consumers.

The company says it has seen sustained and rapid growth since its launch in 2016 and is currently managing over $40 million in assets for over 10 financial institutions and digital lenders across Vietnam, Indonesia, and the Philippines.

The new funds will be used to support growth initiatives, including client acquisition in its core markets, enhancements to its SaaS solution, expansion of its collections’ infrastructure and teams, and to continue purchasing NPL portfolios.

The company estimates that there will be over $45 billion of consumer NPLs generated in its core markets of Indonesia, Vietnam, and the Philippines in the next five years.

“Over the medium to long-term, purchasing NPL portfolios off banks’ balance sheets is likely to be a major driver of revenue growth for AsiaCollect. We have already purchased our first portfolio from a large financial institution in Vietnam, and we are focused on executing on many more such transactions going forward,” said AsiaCollect CEO and co-founder Tomasz Borowski. “We will continue to leverage this and differentiate ourselves in a market where there is a dearth of professional debt collectors and purchasers and that is dominated by fly-by-night operators.”

AsiaCollect secured its seed capital from FORUM, the largest fintech venture builder in Emerging Asia, and Fintonia Group, a leading early-stage fintech investor in Southeast Asia.

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