Gokongwei-owned Cashalo expands financial services

MANILA, Philippines — Cashalo, the fintech joint venture of Gokongwei-owned JG Summit Holdings Inc. and Hong Kong-based Oriente, has expanded its financial services on the back of strong demand for loans from Filipino consumers. 

The company, which aims to accelerate financial inclusion in the country, is seeing strong growth following the launch of its Cashacart, an offline to online basket financing solution.

The so-called basket financing enables consumers to acquire items from partner merchants through loans. It is now available nationwide across a growing network of over 300 retail partner stores including Oppo, Cherry Mobile, Memoxpress, Robinsons Appliances and Robinsons Department stores. 

Loans start at P2,250 up to a maximum of P19,999. 

Cashalo touts the basket financing as a first-of-its-kind solution in the Philippines which allows consumers to access digital credit from as low as zero percent for their specific shopping needs via the Cashalo mobile app.

This allows Filipinos to purchase multiple products or a basket of goods from a particular store.

Cashalo general manager Hamilton Angluben said the joint venture has now become a major fintech player in the country less than a year since it was launched. 

“We’ve financed over P1 billion worth of products in just a few months, changing the lives of thousands of Filipinos,” he said.

“Our basket financing solution, Cashacart, is an industry first and continues to set the standard for innovation in offline retail consumer financing, giving millions of Filipinos access to the credit they deserve where they need it most,” he added.

Cashalo developed Cashacart to address a need in the market. 

“The overwhelming response we’ve received from consumers and retailers alike is testament to our commitment to steer the course for the future of innovation in the industry by pioneering the development of products and solutions that Filipinos want,” Angluben said.

He said the Cashacart financing solution is part of Cashalo’s suite of financially inclusive products, which can provide financial access to Filipinos especially the unbanked.

Cashalo is a mobile application that enables access to credit. It is a wholly owned subsidiary of Hong Kong based Oriente, whose founders are behind internet giants Skype and LU.com. JG Summit Holdings is a strategic partner of Oriente.

The joint venture has committed to pour in P10 billion over three years to build and expand the reach of Cashalo.