The Philippines’ financial technology space welcomes another player in Jungle, a purchase lending startup, while motorcycle-taxi firm JoyRide announces its plan to venture into food delivery.
Fintech startup Jungle secures lending licence
Jungle, a point-of-sale financing startup, announced that it has secured a lending licence from the Philippine Securities and Exchange Commission (SEC), allowing it to offer buy now and pay later scheme to consumers.
Founded by Alfred Cardenas and Alejandro Reyes Bradford in 2019, Jungle targets the unbanked consumers who do not have a credit card or a credit history. According to market research, about 70 per cent of the adult population in the Philippines remains unbanked.
The SEC licence comes less than five months after Jungle raised $125,000 in its pre-seed funding round backed by Singapore-based investors and serial entrepreneurs Roger Crook and Enrique Dubois.
The company said it will continue to pursue partnerships with the country’s top brands and retailers in different verticals such as consumer electronics, home appliances & furniture, dental & medical, travel, education, sporting goods, apparel, and many more.
Motorcycle-taxi startup JoyRide to venture into food delivery
JoyRide, a new player in the country’s ride-hailing space, has announced plans to foray into the food delivery space, a market dominated by foreign players such as GrabFood, Honest Bee, and Food Panda.
The motorcycle-taxi startup, which held its pilot testing in December, said it will soon add a food delivery option in its mobile app. JoyRide Vice President for Corporate Affairs Noli Eala said, “Food delivery is a natural extension of our transport offerings. Since we have an overwhelming pool of bikers, it is really inevitable to venture into this business.”
Eala also emphasised that the startup will focus on food delivery should legislators fail to pass a law legalising the operations of motorcycle taxis when the pilot study lapses in March.