Philippines ‘buy now, pay later’ startup Plentina raises $2.2M seed round

Plentina co-founders Kevin Gabayan and Earl Valencia

E-wallets are rapidly gaining vogue in the Philippines, outdistancing credit cards, which have a penetration rate of under 10%. Fintech startup Plentina is leveraging that trend with buy now, pay last-minute( BNPL) installment loans that would enable us and restored through e-wallets.

The company announced today it has closed a $2.2 million grain round, co-led by former Tableau executive and ClearGraph chief executive officer Andrew Vigneault, Unpopular Ventures and DV Collective. Other participants included JG Digital Equity Ventures( JGDEV ), Amino Capital, Canaan Spouse Scout Fund and Ignite Impact Fund.

Its last funding was $ 750,000 pre-seed round created last year from investors including Techstars, Emergent Ventures and the 500 Startups Vietnam Fund. Plentina also participated in the Techstars Western Union and Stanford’s StartX accelerator programs.

Plentina launched in the Philippines in October 2020 and has been downloaded more than 30,000 hours. Its merchant partners include 7-Eleven Philippines and Smart Communications, a telecom provider with more than 70 million prepaid customers. The busines will be implemented by its seed round to onboard more shopkeeper partners in the Philippines before expanding in Southeast Asia and other regions.

As BNPL startups foster, a look at Klarna, Affirm and Afterpay earnings

Plentina expends machine learning modelings to guess the creditworthiness of loan applicants, gleaning on benefactors Kevin Gabayan and Earl Valencia’s data science backgrounds. Gabayan was data science cause at Bump Technology and then invested five years working at Google after it acquired the startup. Valencia’s experience includes serving as managing director of digital changeover at Charles Schwab.

“We’re making BNPL work in emerging marketplaces where few have credit scores and sellers can’t easily integrate technology, ” Valencia, Plentina’s chief business officer, told TechCrunch. In addition to alternative credit scoring, the startup also focuses on manufacturing installment fee work with merchants’ legacy workflows, he said.

So for, Plentina has generated 10 million recognition compositions from alternative data source connection, including mobile data obtained with user permission and retail patriotism planneds, and will continue to develop its mannequins as its shopkeeper partnerships and customer base ripens. Patrons who construct good recognition tallies with Plentina can increase their credit limits and unlock more offers.

Making sense of Klarna

Loans have a flat 5% service fee, with no interest. 7-Eleven and Smart Communications both furnish 14 daylight lends, and Plentina will introduce more dynamic loan terms in the future, Valencia said. Loans can be used to purchase goods at all of 7-Eleven’s 3000 supermarkets in the Philippines and prepaid mobile airtime with Smart Communications.

Other installment loan business in the Philippines include BillEase, Tendopay and Cashalo. Valencia said Plentina” objective[ s] to be a customer’s financial service partner throughout their lifetime. We’re starting by offering closed-loop store credit for necessaries purchases for consumers to easily establish their fiscal identity. As a customer’s business wellness grows, we are able to grad them into additional financial services .”

In a press statement about his investment, Vigneault said, “I’ve worked with numerous early stage fintech corporations over its first year. However, I’ve come across few founders who are as impressive as Kevin and Earl and have been able to achieve such levels of success with clients, channel partners, and produce at such an early stage.”

Will Carbon and Shahry usher in a motion of buy now, money last-minute business in Africa ?

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