The Philippines’ fintech industry is expected to continue growing in 2020 and following are seven fintech startups in the Philippines which made significant strides last year and are now poised for recognition.
Tonik is a startup headquartered in Singapore that’s building the first digital-only bank in Southeast Asia. Tonik’s offering will be focused on providing banking products that fit seamlessly into the lifestyle of customers with simple consumer payment, savings, and borrowing solutions delivered through a smartphone. The startup raised $6 million in February.
MarCoPay is a venture established in mid-2019 by Japanese shipping firm NYK Line and its local partner Transnational Diversified Group (TDG). The company provides an electronic money platform designed mainly for seafarers hired outside Japan. The app utilizes QR codes that can be used for completing pre-boarding procedures, receiving and converting salaries into digital currency and spending this e-money for onboard purchases.
PhonePera, which means Phone Money in Tagalog (Filipino Language), aims to transform the lives of millions of Filipinos who do not have access to conventional banking services. It will be designed for people at the bottom of the socioeconomic ladder, those who don’t have access to bank accounts or a simple debit card.
SeekCap is a new online lending platform launched in November 2019 by UnionBank’ fintech arm UBX and Ping An’s associate firm OneConnect Financial Technology. SeekCap aims to drastically shorten turnaround time relative to traditional loan applications. SeekCap targets the Philippines’ underserved micro, small and medium enterprises (MSMEs) community, which constitutes more than 99% of all businesses in the Philippines and contributes 63% of total employment.
PearlPay is a fintech startup and mobile wallet whose mission is to help financial institutions, especially rural banks, be commercially competitive with access to the latest and innovative banking solutions. PearlPay aims to become the national digital payment enabler and gateway in the country by providing quality and affordable banking solutions to financial institutions and individuals previously underserved.
PayMongo is a new payments processing startup that allows merchants and MSMEs to accept credit card, e-wallet and over-the-counter payments. It raised US$2.3 million in a seed funding round in October from investors including Stripe, PayPal’s co-founder Peter Thiel, and Y Combinator. The startup said at the time that it had recorded transaction growth at an average of 116% week-over-week.
PayMaya, a subsidiary of Voyager Innovations, is a mobile money and payments company that provides various financial services including a prepaid online payment app, merchant payments solutions, e-wallet services, and remittances services. The cards will be used for the distribution of cash benefits from the local government and residents will be able to utilize it to purchase goods from the city-managed Kadiwa stores, which are equipped with card and QR code payment systems powered by PayMaya.
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