Lending App Venio Extends Its Reach Nationwide Across the Philippinesby Fintech News Philippines October 5, 2020
Venio, “nano-credit” lending app, has expanded its services nationwide across the Philippines on the back of metro launches across Mega Manila, Cebu and Davao.
Venio has also continued its local convenience store and merchant acquisitions into six new municipalities within the capital Metro Manila, bringing the app to full nationwide availability and increasing local neighbourhood store access.
Following a purported initial roll out with over 30,000 downloads, Venio is now ramping up its availability across the Philippines with new international markets planned.
Venio app users will now be able to redeem credit facilities at stores and merchants across the country, as well as local store access within the most populous municipalities in Metro Manila.
The expansion follows the increase in customer acquisition and the recruitment of additional partners to Venio’s extensive retail network. These include the Philippines’ sari-sari stores (neighborhood sundry stores) that are a central part of retail and local community life in the country along with the international retailers such as Grab and McDonalds to name a few of the merchants and brands that Venio customers can access via the app.
By increasing the number of these partnerships, Venio is better able to reach these unbanked groups. Its “nano-credit” offering enables users to access small loans starting at $1 and up to $5.
This not only grants the unbanked consumer access to services that would otherwise be unavailable to them but also opens a gateway to more advanced forms of financial support, especially for those building a credit profile for the first time.
Warren Platt, Founder & CEO at Venio commented:
“We are proud of the positive response from our customers and of the positive impact we have been able to make in the lives of many unbanked individuals. The fact that Venio is expanding its footprint means vital credit facilities are now available to more of the unbanked in Filipino society, reducing financial exclusion. We are now preparing to scale further and look forward to further positively impacting our user base in the Philippines and towards taking Venio into other new international emerging markets.”