UnaCash is a financial mobile app that provides seamless access to digital finance and installment e-shopping options. Relying on a robust technical base and expertise, the service addresses the demand for accessible financing among underbanked Filipinos. Currently, UnaCash offers cash loans and revolving credit for buying goods on a Buy Now, Pay Later plan from its partner merchants.
A significant share of the Philippine population is digitally savvy: 74.1% of the adult population uses a smartphone, averaging over 5 hours of mobile usage daily. This is coupled with a rapidly developing 68% internet penetration in the country. Despite the staggering statistics, merchants and financial services struggle to reach clients in the online space. Only 8% of consumers use their mobile phones for financial transactions, and only 18% utilize digital banking services. This, along with 11.9% credit card penetration, suggests a clear lack of quality digital financial services.
Financial inclusion gap continues to be a major concern in the Philippines. Financial services like UnaCash can make a significant contribution to the government’s goal of becoming a cashless society. UnaCash is about providing the financial services that people can benefit from through easier access and more transparency in the money flow. To date, UnaCash has amassed 1.2 M USD in revenue, having worked with over 700k customers and partnered with over 100 merchants.
Nikita Saigutin, CEO at UnaCash, commented on the venture: “Despite previously lagging behind the peers in Southeast Asia, Filipinos have become one of the front-runners in adopting and mastering digital financial solutions. To further boost our growth opportunities in the Philippines and address such demand, we will focus on diversifying the financial products and services we offer to tap new markets.
“In doing so, we will work on establishing new partnerships while strengthening old ones. It enables us to reach farther and offer more to the community. Going further, we are looking towards the offline market and introducing them to a safer and more technologically driven financial service,” he added.
“Working in the Philippines, we see a huge demand for quality financial services. This becomes our driving force; it encourages us to work relentlessly on UnaCash, improving existing services and introducing new ones,” Saigutin further said.
UnaCash operates in the Philippines with a mobile application that gives seamless access to digital finance through a user-friendly service. UnaCash is disrupting the personal finance space in the Philippines to simplify shopping with accessible financial services. For the time of operation, UnaCash has partnered with over 100 merchants and granted more than 6M USD worth of loans with an average of 7,5 K app downloads daily. UnaCash is set to provide digital finance accounts and enable financial access to the growing demand of the unbanked population in the Philippines.
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