Plentina : Unlocking Financial Growth in the Philippines
Buy Now Pay Later ( BNPL ) is a service that enables consumers to purchase products and defer payment without using a credit card . This service is on its way to become a mainstream payment method not only in the Philippines but all around the world .
One of the new players in the BNPL industry is Plentina , a fintech startup headquartered in Silicon Valley . Plentina was established in 2019 by two Filipinos who want to improve financial access of emerging markets in the region .
What is Plentina ?
Plentina aims to restructure the financial ecosystem of the Philippines by offering the BNPL service through the Plentina mobile application , which brings Filipinos to their favorite merchants in a fast , affordable , and convenient way . This mobile application uses machine learning algorithms to build an alternative credit score and give Filipino consumers easier access to microloans and financial services . Utilizing artificial intelligence that looks at data points to build data scores , the platform has developed a model that enables Plentina to gather credit scores for Filipinos like never before .
The concept and technology behind Plentina are a solution to the rigid and bureaucratic system of the country ’ s financial industry that has limited economic growth for certain markets . Within the traditional banking system , many individuals lack access to financial services due to absence of credit score or credit history , regardless of professional background or educational attainment . Plentina envisions being able to give ordinary Filipinos access to financial services in the hope of providing them inclusive and better financial opportunities . Advocates for customer growth , Plentina strives to understand the needs of its users and consider their pain points in the development and innovation of the platform .
Plentina partners with large-scale local merchants to provide users credit access to purchase essential items such as groceries , prepaid load , and medicine . Consumers can avail of a loan with 14-day to 90-day repayment terms . Plentina allows unbanked Filipino individuals to turn basic need purchases into credit scores and develop a credit history , which can unlock more financial opportunities for them in the future .
The people behind Plentina
The concept of Plentina began with Kevin Gabayan and Earl Valencia , two Filipino students who graduated from Stanford University in 2008 . After 14 years of connection , the duo decided to establish their aspirations in the
Philippines by co-founding Plentina in 2019 after recognizing their shared experience and pain points in availing of basic financial services in the Philippines .
Kevin Gabayan is a first-generation Filipino migrant in the United States . Kevin pursued a degree in Electrical Engineering from the University of California , Los Angeles , and became a computer vision researcher at NASA Ames . He also led Data Science at Bump Technologies when it was acquired by Google . After working as an Android machine learning engineer , he founded Google ’ s Area 120 incubator team to improve emerging market credit access . Kevin has been granted 4 patents in mobile behavioral data .
Earl Valencia grew up in the Philippines and has a strong knowledge of the country ’ s financial structure . Earl initially pursued a degree in Electronics and Communications Engineering at the University of the Philippines Diliman but received a scholarship from Boston University where he received his Electrical Engineering degree . Earl was