PH Digest: Jungle secures lending licence; JoyRide to foray into food delivery

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.