MOBILE LENDING platform Cashalo is on track to hitting a million customers by the first half of 2019 as it plans to tie up with more retail stores.
In a recent interview, Cashalo General Manager Hamilton C. Angluben said the digital lending firm is “definitely on pace” to serve a million customers by end-June 2019.
“Right now, we’re doing tens and thousands of new borrowers so we are definitely on pace to keep the trajectory going,” Mr. Angluben told BusinessWorld.
He added that Cashalo will continue to seek partnerships with other retail stores to offer its basket financing facility Cashacart.
“Our solution aims not only to move inventory but also to increase foot traffic and customer base to a store,” Cashalo Head of Sales Gerard M. Betita said. “We are looking for partners who are willing to trust our technology in order for their volume to increase.”
Introduced late this year, Cashacart enables customers to borrow between P2,000 and P19,999 to purchase items from Cashalo’s 250 retail partners.
The loan, which can be approved in as fast as 10 minutes, is payable up to nine months and carries an interest rate for as low as 3.99% per month. The service is paperless and does not require collateral.
Currently, Cashacart is available in Robinsons Department Store, Robinsons Appliances, Handyman as well as other stores outside the JG Summit ecosystem.
Mr. Angluben added that Cashalo receives a “huge influx” of retail establishments that would like to partner with the mobile lending firm.
“Once [potential retail partners] see us in the department store, [they find our facility] groundbreaking — it was first of its kind,” he said, noting that Cashacart was the first consumer loan facility that offers lending aside from appliance stores.
Cashalo is a joint venture between Gokongwei-controlled JG Summit Holdings and Hong Kong-based financial technology firm Oriente. It lends money between P1,500 and P10,000 through its mobile platform. The firm uses technology such as artificial intelligence, machine learning, as well as facial recognition to give the unbanked or underserved access to credit. — Karl Angelo N. Vidal