BNPL Startup Plentina Raises US$2.2 Million to Accelerate Regional Expansionby Fintech News Philippines November 16, 2021
Plentina, a Buy Now Pay Later (BNPL) startup for emerging markets, announced that it has raised US$2.2 million in a latest funding round led by New York-based venture capital firm TMV, bringing its total funds raised to US$5.7 million.
Joining TMV are Global Founders Capital and existing investors AV Ventures, Techstars, Unpopular Ventures, and prominent SE Asian family offices.
Plentina said that the proceeds from the funding will be used to accelerate its growth in the Philippines, to offer new product expansions, and to begin exploring other markets in Southeast Asia, such as Vietnam.
This seed round will also help propel its growth as it targets Series A funding next year with senior talent joining the firm between now and then.
Founded in 2019, Plentina offers BNPL and other data-driven financial services to emerging markets exclusively, beginning with the Philippines.
In 2021, Plentina witnesses an increase in initial app downloads by 500%, growing from 30,000 members to over 150,000 on Android. Plentina’s iOS app is slated to launch early next year.
“We’re thrilled to have the cooperation of our customers, merchant partners, and investors that see the benefits and opportunities of having true accessible financial services in emerging markets.
As Filipinos, we are especially proud of the programs we are bringing to the region.”
said Kevin Gabayan, CEO and Co-founder of Plentina.
“We are so pleased to be partnering with truly value aligned investors like, TMV, Global Founders Capital, and to have the continued support from our existing investor base.
This funding will help accelerate our growth on the ground while we eye opportunities across Southeast Asia,”
said Earl Valencia, Co-Founder and Chief Business Officer of Plentina.