UnaCash ramps up mobile app financing

MANILA, Philippines — Financial technology firm Una-Cash continues to disrupt the personal finance space in the Philippines, having served 700,000 customers and partnering with over 100 merchants nationwide.

To date, UnaCash has generated $12 million worth of revenues and granted more than $6 million worth of loans with an average of 7,500 app downloads daily.

Nikita Saigutin, CEO at UnaCash, said tech-savvy Filipinos continue to embrace digitalization.

“Despite previously lagging behind the peers in Southeast Asia, Filipinos have become one of the frontrunners 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,” Saigutin said.

A significant share of the Philippine population is digitally savvy: 74.1 percent of the adult population uses a smartphone, averaging over five hours of mobile usage daily. This is coupled with a rapidly developing 68 percent internet penetration in the country.

Despite the staggering statistics, merchants and financial services struggle to reach clients in the online space. Only eight percent of consumers use their mobile phones for financial transactions, and only 18 percent utilize digital banking services.

This, along with 11.9 percent credit card penetration, suggests a clear lack of quality digital financial services. Financial inclusion gap continues to be a major concern in the Philippines.

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.

It offers cash loans and revolving credit for buying goods on a Buy Now, Pay Later plan from its partner merchants.

“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 said.

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.

“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,” Saigutin said.