MoneyHero Limited announced a partnership with the Bank of the Philippine Islands (BPI). The collaboration aims to expand the credit card comparison services offered by MoneyHero, an offering that can simplify the application process for Filipinos.

The partnership aims to strengthen MoneyHero’s position in the region. BPI’s integration will help to broaden the credit card options available within services offered by MoneyHero to all of their existing Philippine consumers.

Currently, MoneyHero allows Filipinos to compare more than 20 credit card options offered by
leading banks, alongside a variety of other financial products, including insurance and loans
available in the Philippines.

“Our partnership with BPI reinforces our dedication to empowering Filipinos to make informed financial decisions,” said Rohith Murthy, CEO of MoneyHero.

He believes that the collaboration can further enhance the company’s ability to meet the demand in the credit card market in the Philippines. He also mentioned that the move also supports the acquisition goals of their respective partners.

The Philippines as of today contributes 17% of MoneyHero’s total revenue in the first nine months of 2024. The country’s revenue has currently reached USD $4.0 million in the third quarter of 2024.

This shows a 49% year-over-year increase, an increase that came from demand for credit cards and personal loans. It is also evident that the Philippine credit card market is growing as active cards saw an increase from 9.3 million in Q4 2022 to 11.2 million in Q4 2023, according to TransUnion.

Featured image credit: Edited from Freepik