By Rhiana Patricia Cabarco
Filipino fintech company Cashalo celebrated its first anniversary at Discovery Primea in Makati City on July 4.
Cashalo general manager Hamilton Angluben gave a rundown on the company’s achievements. For starters, its mobile loan credit app was downloaded 3 million times and boasts of around 1.5 million users nationwide.
Cashalo, which now has over 800 employees, also highlighted five products that they believe would take their services further.
They are CashaQuick which funds loans up to P2,000, CashaLoan with loans up to P5,000, and CashaCart with its “Shop now, pay later” with 0% on installments feature.
Cashalo has also partnered with Cebu Pacific for its air ticketing project, which aims to serve Filipinos who do not own a credit card. With this service it would be possible to purchase a ticket and pay for it later on installment. “We really hope Filipinos will enjoy this product,” said Angluben.
In June 2019, Cashalo also started its nano-financing project. The company disclosed since not everyone got approved for their other products, they are offering a P200 loan with nano-financing. Angluben said, “With this, we will be able to approve anyone as long as the data you submit to us are consistent. So about 80 to 90% of people who apply will be given [access to nano- financing services] if they don’t qualify for the other products.”
The company also has financial literacy programs. They see this as the driving force of corporate sustainability. This is in line with their goal of creating healthy financial environment while ensuring financial inclusivity for all Filipinos. “It’s our responsibility to see to it that if we lend you money, we will also see to it that you become a responsible borrower,” Angluben stated.