Tuesday, May 28, 2024

NY-based ‘nano-credit’ mobile app expands outside of PH cities

Venio, a mobile app providing “nano-credit” facilities to unbanked consumers in emerging markets, said it has expanded its services nationwide across the Philippines after launching in key cities of Metro Manila, Cebu, and Davao.

The company said it has also continued its local convenience store and merchant acquisitions into six new municipalities within Metro Manila, bringing the app to full nationwide availability and increasing local neighborhood store access across the capital.

Following an initial rollout with over 30,000 downloads, Venio said it has proven its business model across its test markets and is now ramping up its availability across the Philippines with new international markets planned.

Venio said it is expanding its reach via its redemption network of retail partners. Its app users will now be able to redeem credit facilities at stores and merchants across the country, as well as local store access within the most populous municipalities in Metro Manila.

The expansion follows a steady increase in customer acquisition and the recruitment of additional partners to Venio’s retail network. These include “sari-sari” stores that are a central part of retail and local community life in the country along with the international retailers such as Grab and McDonalds to name a few of the merchants and brands that Venio customers can access via the company’s app.

Its growth has been supported by recent trends in the wake of the pandemic which has fast-tracked digitization and the adoption of mobile payments. It has also iterated its product offering to accommodate the accelerated demand for airtime purchases and local transportation costs as a result of shifting customer behavior.

The company said its nationwide expansion will allow it to introduce access to credit and financial support to communities that have been underserved by traditional financial institutions. In recent months, there has been an increased demand for small lines of credit among the financially excluded.

Venio said it “nano-credit” offering enables users to access small loans starting at $1 (P48) and up to $5 (P240). This, the company said, grants the unbanked consumer access to services that would otherwise be unavailable to them as well as more advanced forms of financial support, especially for those building a credit profile for the first time.

The nationwide expansion in the Philippines shows that its proprietary technology is scalable, according to the company. Based on the positive response in the Philippines market, Venio is preparing to grow internationally in target high growth emerging markets in Asia and Latin America.

“The fact that Venio is expanding its footprint means vital credit facilities are now available to more of the unbanked in Filipino society, reducing financial exclusion. We are now preparing to scale further and look forward to further positively impacting our user base in the Philippines and towards taking Venio into other new international emerging markets,” said Warren Platt, founder and CEO at Venio.


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