The app will offer customers loans ranging from around USD 50 to almost USD 900, with repayment terms ranging from 2 to 12 months. UnaCash, a provider of financial solutions accessible through its app and in physical stores, debuted in 2021 in the Philippines as part of UnaFinancial, a fintech group headquartered in Singapore. Initially offering a buy now, pay later service, UnaCash expanded its offerings in July 2023 to include point-of-sale (POS) loans.
Representatives from UnaCash highlighted the increasing demand in the Philippine market for formal credit access. They noted that UnaCash initially addressed this need by introducing point-of-sale (POS) loans on their platform in July 2023. With the launch of Instalment Loans, UnaCash aims to cater to a wider range of individuals with solid credit profiles. This move offers them more opportunities to enhance their lifestyle and effectively manage unforeseen expenses.
Representatives from UnaFinancial noted the increasing interest in Instalment Loans across Southeast Asia. Their analysis revealed a 50% surge in search queries for such loans from 2020 to 2023. They anticipate that their new product will cater to this growing demand, offering customers more flexibility in selecting suitable options. Additionally, this product expansion aligns with UnaFinancial's strategy to diversify its offerings.
About the companies
UnaFinancial is a consortium of companies developing user-friendly digital financial solutions in the Middle East, Asia, and Europe. Leveraging AI-based, machine learning, and data-driven technologies and processes, UnaFinancial delivers precise and comprehensive risk management, comfort, and speed for customers. These technologies and processes foster robust business performance through strong unit economics and superior growth rates. As of December 31, 2022, the revenue amounted to USD 139.1 million, with net profit experiencing significant growth, reaching USD 13.1 million.
UnaCash provides customer-centric, digital financial solutions accessible through its app and partner stores, tailored to the evolving needs of Filipinos. Its ‘Buy now, Pay later’ service has expanded to include point-of-sale loans, accessible online and at partner merchants' physical locations.
