The Philippines-based fintech startup, Plentina, has raised $ 2.2 million in a seed funding round, led by Andrew Vigneault (CEO of ClearGraph and former CEO Tableau), Unpopular Ventures and DV Collective are co-led.
Other investors in this round included JG Digital Equity Ventures (JGDEV), Amino Capital, Canaan Partners Scout Fund, Ignite Impact Fund, and several unrevealed strategic angels and home offices.
The fintech startup has previously raised funds $ 750,000 in seed money from investors such as Techstars, Savingent Ventures, and 500 Startups Vietnam.
Plentina said in a press release that it will use the newly raised funds to develop data science teams, grow businesses and operate customers.
The Philippines has long lost faith in the credit system, driven by illegal and predatory lenders. Plentina aims to solve that problem by using Machine Learning (ML) to gauge how credible financial lenders are.
The startup was founded in 2020 by data scientists Kevin Gabayan and Earl Valencia, who met at Stanford 14 years ago when they were still ML research graduate students.
Observe low credit card penetration trend in the Philippines, both decide to use ML to reveal trusted borrowers in emerging markets.
The startup has developed a mobile app that provides in-store credit installments with major retail partners, including 7-Eleven Philippines and Smart Communications.
Since obtaining a loan license, Plentina claims their app has been downloaded more than 30,000 times.
“Access to financial services in emerging markets can be ineffective. We are happy to offer consumers more flexible and convenient payments, and help sellers upgrade their sales funnel, Gabayan says.
“Plentina believes that ML and partnerships can unlock credit potential for more than 100 million Filipinos. With an average age of 24 and an emerging middle class, this generation will expect a digitally prioritized financial services product that we want to offer, ”he added.
“Kevin and Earl have developed an excellent market access strategy that has positioned Plentina that can drive financial literacy and large-scale inclusion in the Philippines and is pleased to have the opportunity to accompany trip, ”said top investor Andrew Vigneault about the potential of the Plentina business opportunity.
Image credit: Plentina