PH startups PawnHero, LoanSolutions tie up to enhance lending options

PawnHero Co-founder David Margendorff (left), and LoanSolutions CEO and Co-founder Jean-Patrick Bisson

Philippine startups PawnHero and LoanSolutions teamed up recently, seeking to reinvent lending and other financial practices.

Founders of both startups told DEALSTREETASIA in an interview that the partnership would give more lending options in the Philippines and eventually across Southeast Asia.

PawnHero is the first online pawnshop in the Philippines while LoanSolutions is a service where people can apply for different types of loans online.

LoanSolutions CEO and co-founder Jean-Patrick Bisson said the real match is the mindset of financial inclusion and equity. “We want to disrupt some of the current financial practices which aren’t equitable and often times usurious,” Bisson said. “Philippines is just our starting ground.”

PawnHero co-founder David Margendorff said LoanSolutions’ decision to partner with them made sense since LoanSolutions or its partner [banks] did not grant a loan to most of their customers. “We saw great synergies. As long as one has an item which we can use as a collateral, that person qualifies for a loan,” David said.

He added PawnHero is creating choices for the unbanked by charging half the interest rates that most pawnshops charge.

For LoanSolutions’ part, the company aims to be the “touch point for every loan search,” to guide people to the best option for their situation.

“Banks and lenders are often very conservative, which opens the way to disruptive competitors like PawnHero,” Bisson said. “We want to empower them (people) to give the pawnshops a run for their money.”

Only last March, PawnHero won the main award in the first-ever Echelon Top 100 Philippines Qualifiers held in Makati City. The startup will be representing the Philippines in the upcoming Echelon Asia Summit 2015 on June 23 to 24 in Singapore.

Also read: Startup Pawnhero to represent PH in Echelon Asia Summit 2015

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

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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.