Oriente, a global financial services and technology company and JG Summit Holdings Inc., the holding company of the Gokongwei family, announced an initial investment of P10 billion ($ 200 million) over three years to build and expand the reach of a bespoke suite of mobile-first, lending products and other smart financial services under Cashalo to millions of underserved and underbanked Filipinos.
Oriente, whose founders are behind internet giants Skype and LU.com and Express Holdings Inc., a subsidiary of JG Summit Holdings Inc., formed a joint-venture company that would focus on building a new infrastructure designed to accelerate financial inclusion in the Philippines.
Cashalo is the first product offering to result from the forward-thinking partnership and is on track to create over 1,000 jobs by end-2018, delivering tangible economic impact to the community.
Cashalo draws on Oriente’s proprietary cutting-edge technology, data science capabilities and its highly successful teams with a wealth of experience building and scaling businesses in emerging markets, as well as JG Summit’s local knowledge, extensive resources and vast datasets on consumer behavior, to offer affordable and secure access to credit and other financial services tailored specifically for Filipinos.
“This investment is a testament to the tireless efforts of everyone involved in this partnership and our long-term commitment to building a more financially equitable future for Filipinos,” said JG Summit president and chief executive Lance Gokongwei.
“Cashalo is set to transform the lives of millions of underserved people in the Philippines through financial awareness and independence,” Gokongwei said.
“JG Summit is a phenomenal partner and with their considerable resources we are in a strong position to connect millions of hardworking Filipinos to the type of financial infrastructure they deserve and will help advance their lives,” said Geoffrey Prentice, co-founder and chief strategy officer of Oriente.
“We share a common goal to unlock financial freedom, trust and opportunity for undervalued communities and Cashalo is set to be the agent of change,” Prentice said.
“Through the Cashalo app, we will collate and analyze hundreds of alternative data points on consumer behavior to develop robust credit and risk assessments, effectively filling the gap left by traditional credit scoring methods and lenders,” said Hamilton Angluben, Cashalo’s general manager.
“We are excited to take the lead in enabling more Filipinos to take control of their financial lives,” Angluben said.
Cashalo is set to be the leading mobile-first lender in the Philippines, enabling millions of customers with no credit history to uplift their livelihood and participate in the global economy. It is an end-to-end digital solution that provides on-demand access to fast, easy, and affordable loans securely via a smartphone.
Initially, Cashalo will be available to employees and customers of JG Summit group companies, before being marketed to all Filipinos in the coming weeks.