Plentina, a ‘buy now, pay later’ startup focused on emerging markets, raises another $2.2M – TechCrunch
Philippines-based Plentina, a purchase now, pay later startup targeted on rising markets, introduced at the moment it has raised $2.2 million. This brings the fintech’s complete funding because it was based in 2019, together with a seed round announced in April, to $5.7 million. The most recent funding was led by TMV, with participation from International Founders Capital and returning traders AV Ventures, Techstars and Unpopular Ventures.
The brand new capital can be used to speed-track Plentina’s development within the Philippines, increase its product and begin exploring launches in different international locations, together with Vietnam. The corporate is concentrating on a Sequence A increase subsequent yr and can rent senior expertise earlier than then.
Along with its BNPL platform, Plentina additionally plans to concentrate on different data-driven monetary providers (its co-founders, Kevin Gabayan and Earl Valencia, are information scientists whose mixed work expertise embrace positions at Google and Charles Schwab). The 2 observe that the Philippines has a inhabitants of greater than 100 million folks, however lower than 5% of entry to bank cards.
The corporate says that in 2021, Plentina’s Android app downloads have elevated by 500%, rising from 30,000 customers to over 150,000. It plans to launch an iOS app early subsequent yr.
When Plentina launched within the Philippines final October, it initially targeted on every day wants, signing partnerships with distributors like 7-Eleven and telecom Sensible Communications. Since then, it has added greater than 20 manufacturers to its platform and extra classes. These embrace requirements like meals, groceries and training provides, but in addition issues like airline tickets, gaming and e-commerce.
Its retailers embrace e-commerce platforms and offline retailers, like Isetann Grocery store, Lazada, Zalora, Shopee, Agoda, McDonald’s, Philippine Airways, Razer E-Pins and Nationwide Bookstores. The corporate says it has a waitlist of greater than 20 manufacturers ready to onboard to its platform.
Plentina additionally added new mortgage phrases. When TechCrunch final coated the corporate in April, its required compensation inside 14 days. Now Plentina has prolonged its BNPL presents to a few months, because it has choices for larger-value objects, like airline tickets and e-commerce purchases.
The corporate will begin its worldwide growth subsequent yr. “We’re guided by our mission to democratize monetary providers to rising markets, so we’re planning to increase to Vietnam in 2022,” Valencia instructed TechCrunch. “We are going to apply classes in launching and scaling in our first market of the Philippines.” He added that Plentina has already recruited a management staff in Vietnam to launch operations.
In a press release, TMV founder and common accomplice Soraya Darabi mentioned, “Kevin and Earl are exactly the entrepreneurs we glance to again as traders. They’ve the area self-discipline to be targeted on this audacious alternative, the tenacity to see it by means of to success. We’re enthusiastically partnering with them to deliver strong monetary providers to the Philippines and past.”
