Filipino B2B fast-moving consumer goods (FMCG) marketplace Packworks and 1Sari Financing Corporation partnered to empower over 270,000 unbanked sari-sari stores across the Philippines with secure, reliable, and affordable inventory financing.
“Collaborating with Packworks supercharges the expansion and funding of well-deserving, credit-worthy sari-sari stores. Through their cutting-edge tech platform, we gain the power to deliver inventory financing to previously underserved micro-enterprises with unparalleled efficiency, revolutionizing their financial prospect,” said 1Sari co-founder and chief finance and risk officer Dindo Velasquez.
The partnership aims to unlock the immense potential of micro-enterprises and fuel their growth.
Through Packworks’ in-app service, sari-sari stores can access a starting credit line of P2,500 from 1Sari’s inventory financing product, empowering them to boost inventory and stock shelves with essential goods, ensuring they’re prepared for customer demands
The platform also capitalizes on opportunities by making the best of seasonal peaks like Christmas to maximize sales and growth, and promotes responsible borrowing using a prompt payment rebate scheme. Stores receive up to 75 pesos back for on-time payments, encouraging financial discipline and future financing eligibility.
Packworks co-founder and chief platform officer Hubert Yap sees the partnership as another step forward to tapping the immense potential of over 1.3 million sari-sari stores nationwide.
“By reaching the unbanked and underbanked, we’re championing the entrepreneurial spirit that drives our nation forward. Our collaboration with 1Sari Financing Corporation ensures that even the smallest establishments have the tools and resources they need to thrive,” he said.
The partnership aims to address the lack of access to crucial financial tools and support for sari-sari stores.