Philippines-based buy now, pay later solution Plentina has reportedly received $2.2m in fresh funding, as it sets its sights on international expansion.
Early-stage investor TMV served as the lead investor to the funding, with commitments also coming from Global Founders Capital and return backers AV Ventures, Techstars and Unpopular Ventures, according to a report from TechCrunch.
With the fresh funds, Plentina is looking to bolster its position in the Philippines, hire senior staff and deepen its product offering. Its expansion efforts include the launch of its services in other countries, with Vietnam a prime target. To support the move, the company already has a leadership team in Vietnam.
To support these growth initiatives, Plentina is preparing for its Series A round, which will close in 2022.
Buy now, pay later services are not the only vertical Plentina plans to support. The FinTech company is exploring other financial services, with credit cards potentially on the card.
Plentina’s mobile app helps people access buy now, pay later services at merchants including 7-Eleven and Smart. Users can get approved for a loan within five minutes and good repayments increase the loan limits over time.
This recent investment comes just seven months after Plentina raised $2.2m in its seed round.
TMV founder and general partner Soraya Darabi told TechCrunch, “Kevin and Earl are precisely the entrepreneurs we look to back as investors. They have the domain discipline to be focused on this audacious opportunity, the tenacity to see it through to success. We are enthusiastically partnering with them to bring robust financial services to the Philippines and beyond.”
Earlier in the month, the Philippines only unicorn, Mynt, cemented its title position. The company, which builds financial solutions and payment services reached a $2bn valuation after the close of a $30m funding round.
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