Purchase lending startup Jungle announced that it has secured a license from the Securities and Exchange Commission (SEC) to start operating in the Philippines.
Jungle, founded in April 2019 by Alejandro Reyes Bradford and Alfred Cardenas, allows users to make purchases in monthly installments even without a credit card.
“Jungle will now be able to operate in the Philippines and start providing purchase loans to Filipino consumers in just a matter of days,” the company said in a statement.
The startup’s foray into the financial technology space, particularly in consumer lending, comes as 77.4 percent of adult Filipinos, or about 52.8 million, remain unbanked, according to the Bangko Sentral ng Pilipinas, the country’s central bank.
Ownership of a bank account that can be used to save and receive money, as well as pay bills, is a basic indicator of financial inclusion.
For those who do not have bank accounts, 60 percent of them cited not having enough money as a reason, while 21 percent did not cite any reason at all. Meanwhile, 18 percent of the respondents said they do not have documentary requirements to open an account.
Jungle said it takes pride in being able to provide a fully digital purchase lending experience for both consumers and merchants, as well as its competitive rates for borrowers by removing fees and other charges.
The company said it would continue to pursue partnerships with the country’s top brands and retailers in different verticals such as consumer electronics, home appliances and furniture, dental and medical, travel, education, sporting goods, apparel, and many more.
“Jungle’s mission isn’t only to enable more people to afford making purchases through point-of-sale financing. We are equally focused on enabling them to afford a better future by helping them build a healthy credit history that will help them secure affordable housing, car, business, and personal loans in the future,” the startup said.
In October 2019, Jungle raised $125,000 in its pre-Seed funding round participated by Singaporean investors Roger Crook, Chris Rogers and Enrique Dubois.