Seeing this trend, fintech startup Plentina is launching an installment loan feature that can be used and repaid through e-wallets. It is understood that recently, Plentina has completed a US$2.2 million seed round of financing led by former Tableau executive and ClearGraph CEO Andrew Vigneault, Unpopular Ventures and DV Collective . Plentina also participated in Techstars Western Union and Stanford University’s StartX accelerator program . Plentina was launched in the Philippines in October 2020, and the company claims its app has been downloaded more than 30,000 times. Its merchant partners include 7-11 convenience stores and telecommunications provider Smart Communications in the Philippines . Plentina will use this round of seed funding to recruit more merchant partners in the Philippines before expanding to Southeast Asia and other regions. It is reported that Plentina uses machine learning models to evaluate the creditworthiness of loan applicants. Plentina Chief Commercial Officer Valencia said, " We are making BNPL work in emerging markets where there are few credit scores and merchants cannot easily integrate technology. In addition to alternative credit scoring methods, it is also committed to making installment payments work with merchants' traditional workflows." To date, Plentina has sourced 10 million credit scores from other data sources, including mobile data obtained through user permission and retail loyalty programs , and will continue to develop its model as its commercial partnerships and customer base grow. Customers who build a good credit score with Plentina can increase their credit limit and unlock more offers. When it comes to installment loans, Plentina charges a fixed service fee of 5%, which is interest-free. Valencia said the loans can be used to purchase goods at 7-Eleven convenience stores in the Philippines , as well as prepaid mobile airtime through Smart Communications. Other installment loan services in the Philippines include BillEase, Tendopay and Cashalo, while Plentina “aims to be a financial services partner throughout the customer’s life.” Valencia said Plentina offers closed-loop store credit for the purchase of essentials so that consumers can easily establish their financial identity, and as customers' financial situations mature, we can gradually upgrade them to other financial services.
Southeast Asia Financial Payment |
>>: What to do when you encounter negative reviews? Here are some tips!
According to foreign media reports, Amazon will o...
On June 2, Queen Elizabeth II will celebrate her ...
In 2022, when the economy was generally on a down...
TUK is a trendy shoe brand that was born in the UK...
It ’s 2021, is Amazon still making money? 2021 is...
Tuesday Morning was founded in 1974 and is headqu...
Since the outbreak of the COVID-19 pandemic, shop...
Zhixinda International Logistics (Shenzhen Zhixind...
The Economic Times of India reported in February ...
Amazon has told its U.S. corporate employees not ...
The huge population, high internet penetration ra...
As a leading seller in cross-border e-commerce in...
According to statistics , the amount of online sh...
FedEx urgently suspends truck services for large ...
Amazon said the recovery in its e - commerce busi...