Tech

Plentina, a ‘buy now, pay later’ startup focused on emerging markets, raises another $2.2M – TechCrunch

Based in the Philippines PlentinaBuy Now, a postpaid startup focused on emerging markets announced today that it has raised $ 2.2 million. This will provide FinTech’s total funding since it was founded in 2019. Seed round announced in AprilTo $ 5.7 million. The latest funding was led by TMV with the participation of Global Founders Capital and repeat investors, AV Ventures, Techstars and Unpopular Ventures.

The new capital will be used to accelerate Plentina’s growth in the Philippines, expand its products and begin exploring launches in other countries, including Vietnam. The company is aiming to raise Series A salaries next year and plans to hire senior talent by then.

In addition to the BNPL platform, Plentina will also focus on other data-driven financial services (co-founders Kevin Gabayan and Earl Valencia are data scientists with work experience combining work at Google and Charles Schwab. ). The two say the Philippines has a population of over 100 million, but less than 5% of credit card access.

According to the company, Plentina’s Android app downloads increased by 500% in 2021 with more than 30,000 to 150,000 users. We plan to release an iOS app early next year.

When Plentina was launched in the Philippines last October, it initially focused on everyday needs and signed partnerships with vendors such as Seven-Eleven and Telecom Smart Communications. Since then, we have added over 20 brands to our platform and more categories. These include essentials such as groceries, groceries and educational supplies, as well as airline tickets, games and e-commerce.

Its merchants include e-commerce platforms and offline retailers such as Isetann Supermarket, Lazada, Zalora, Shopee, Agoda, McDonald’s, Philippine Airlines, Razer E-Pins and National Bookstores. According to the company, there is a waiting list of more than 20 brands waiting to be introduced on the platform.

Plentina has also added new loan terms. The repayment required within 14 days when TechCrunch last covered the company in April. Plentina has now extended BNPL’s offer to three months due to options for more valuable items such as airline tickets and e-commerce purchases.

The company plans to start international expansion next year. “We are guided by our mission to democratize financial services to emerging markets, so we plan to expand to Vietnam in 2022,” Valencia told TechCrunch. “We apply lessons to launching and scaling in the first market in the Philippines,” he added, adding that Plentina has already hired a leadership team in Vietnam to start its business.

In a statement, TMV founder and general partner Solaya Daravi said: They have the discipline of the domain to focus on this bold opportunity and the tenacity to make it successful. We are enthusiastically partnering with them to provide strong financial services in the Philippines and beyond. “

Plentina, a ‘buy now, pay later’ startup focused on emerging markets, raises another $2.2M – TechCrunch Source link Plentina, a ‘buy now, pay later’ startup focused on emerging markets, raises another $2.2M – TechCrunch

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