UnaCash increases funding for mobile apps
3 July 2022
Una-Cash, a financial technology company that has served 700,000 users and partnered with over 100 retailers countrywide, is continuing to upend the personal finance industry in the Philippines.
With an average of 7,500 app downloads per day, UnaCash has so far made $12 million in income and disbursed more than $6 million in loans.
Digitalization is still being embraced by tech-savvy Filipinos, according to Nikita Saigutin, CEO of UnaCash.
“Despite historically falling behind their Southeast Asian counterparts, Filipinos are now among the leaders in embracing and mastering digital banking solutions. We will concentrate on broadening the financial products and services we provide to reach new customers in order to increase our growth potential in the Philippines and meet such demand, Saigutin said.
The adult population of the Philippines, which uses smartphones on average for more than five hours a day, comprises a sizeable portion of those who are technologically savvy. In addition, the country’s 68 percent internet penetration rate is expanding quickly.
Despite the startling numbers, businesses and financial services find it difficult to connect with customers online. Only 18% of consumers use digital banking services, while only 8% of consumers use their mobile phones for financial transactions.
This shows that there aren’t enough high-quality digital financial services, together with the credit card penetration rate of 11.9%. The Philippines continue to have serious issues with the financial inclusion gap.
UnaCash is a financial smartphone app that offers simple access to possibilities for online buying on installment plans and digital finance. The service responds to the underbanked Filipino population’s need for accessible UnaCash increases funding by relying on a strong technical foundation and competence.
For purchasing goods from its partner merchants on a Buy Now, Pay Later arrangement, it provides cash loans and revolving credit.
We observe a significant need for high-quality financial services while working in the Philippines. This serves as our motivation, inspiring us to work tirelessly on UnaCash, enhancing current services and launching new ones, Saigutin said.
UnaCash and other financial services can significantly help the government achieve its vision of a cashless future. UnaCash increases funding mission is to deliver financial services that individuals may use to their advantage by making them more accessible and transparent in how money is transferred.
“In doing so, we’ll try to build new alliances while preserving existing ones. It allows us to serve the community better and farther. Further, we are offering a more secure and technologically advanced banking service to the offline market,” Saigutin stated.
