Credit card penetration rate is less than 10%! Philippine installment loan app Plentina receives $2.2 million in seed round financing

Credit card penetration rate is less than 10%! Philippine installment loan app Plentina receives $2.2 million in seed round financing

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

<<:  The new battery law will take effect soon, and batteries must be affixed with a CE label before they can be put on the European market

>>:  What to do when you encounter negative reviews? Here are some tips!

Recommend

What is Haichuang Incubator? Haichuang Incubator Review, Features

Haichuang Incubator (Haining Haichuang Incubator C...

Single-day sales exceeded $1 million! Sellers on these platforms are going crazy

Compared with previous years, the Black Friday ba...

Conversion rate increased tenfold! 10-year Amazon sellers began to seek change

At this critical time when the industry is underg...

Clothing problems frequently occur, and Chinese products are recalled again

There are many recall incidents involving a wide ...

What is Paga? Paga Review, Features

Paga is a mobile payment company. About Paga Paga...

The short position has risen again! Some US line prices have exceeded 80

In the past two weeks, air freight prices have be...

What is OKS? OKS Review, Features

Shenzhen One-Stop International E-commerce Servic...

Sales have returned to pre-epidemic levels! ZARA still can't relax

Inditex, the parent company of fast fashion retai...

What is Orchard Mile? Orchard Mile Review, Features

Orchard Mile is a one-stop online luxury shopping...

What is Hahnbeck? Hahnbeck Review, Features

Hahnbeck is an M&A advisory firm based in the ...