Plentina, a Buy Now Pay Later (BNPL) Fintech focused on serving emerging markets, has teamed up with Southeast Asia’s digital retailer ZALORA in order to provide its short-term financing option.
Residents of the Philippines may download the Plentina app to access loans valued at up to P5,000 via ZALORA digital vouchers to load their virtual wallets. This offer will reportedly be subject to clients’ credit limit maintained with Plentina.
Notably, the Plentina app has exceeded 200,000 downloads since it launched back in 2020. It offers store credit for everyday purchases like groceries, medicine, food, and office supplies.
The firm’s management noted that they plan to offer financial access to the majority of consumers in the Philippines, who might not have access to fair credit opportunities.
Previously, Plentina had confirmed its $2.2 million funding round, bringing its total capital secured to $5.7 million.
Paulo Campos, Co-founder and CEO, ZALORA Philippines, stated:
“We are constantly thinking of how to better address the needs of our customers. Aside from keeping up to date with the latest fashion trends, we also want to give our buyers more flexible payment options. Plentina offers our customers the option to Buy Now, Pay Later, so that they never have to miss out on shopping for themselves and their loved ones on ZALORA,”
Earl Valencia, Chief Business Officer and Co-founder of Plentina, remarked:
“ZALORA revolutionized online shopping in the Philippines by providing the kind of service customers expect in shopping for their favorite fashion brands. We are excited to offer their customers an ability to buy now and pay later with flexible and transparent payment terms.”
As noted by the Plentina team:
“We aim to unlock financial services to the emerging middle class in emerging markets by using machine learning algorithms. Plentina builds an alternative credit score and app that provides store credit financing to buy essentials like food and medicine. Plentina [had reported being] in the Techstars Western Union accelerator focused on financial access.”
The Plentina team also notes that they have a fast and easy approval process. You may be able to save yourself a trip to get cash, because clients can receive their credit instantly with electronic disbursement.
