Plentina ‘Buy Now Pay Later’ firm focused on developing markets, raises another $2.2M

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Plentina, a Philippines-based ‘Buy Now Pay Later’ startup focusing on emerging markets, said today that it has raised $2.2 million in funding. This takes fintech’s total fundraising to $5.7 million since its start in 2019, including a seed round reported in April. TMV led the current round of fundraising. Which also included Global Founders Capital and returning investors AV Ventures, Techstars, and Unpopular Ventures.

Plentina will use the new funds to accelerate its growth in the Philippines, extend its product. And begin exploring opportunities in other countries, including Vietnam. The startup plans to raise a Series A round next year and will add senior executives in the meantime.

In addition to its BNPL platform, Plentina also plans to focus on different data-driven financial administrations. The two note that the Philippines has a populace in excess of 100 million individuals, however under 5% of access to Visas.

The organization says that in 2021, Plentina’s Android application downloads have expanded by 500%, growing from 30,000 clients to more than 150,000. It intends to launch an iOS application early next year.

When Plentina launched in the Philippines last October, it concentrated on everyday needs, forming agreements with companies such as 7-Eleven and the telecom Smart Communications. It has since added more than 20 brands and categories to its platform. Food, groceries, and school supplies are examples, but there are also airline tickets, games, and e-commerce to consider.

Its merchants include Isetann Supermarket, Lazada, Zalora, Shopee, Agoda, McDonald’s, Philippine Airlines, Razer E-Pins, and National Bookstores. As well as e-commerce platforms and offline businesses. According to the firm, there are more than 20 brands on the waiting list to join its platform.

Plentina additionally added new loan terms. When last covered the company in April, its required repayment within 14 days. Presently Plentina has extended its BNPL offers to 90 days, since it has choices for larger-value things, similar to aircraft tickets and e-commerce purchases.

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