Dealflow | March 3, 2017

Venteny raises capital for employee benefits platform in Philippines

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Venteny raises capital for employee benefits platform in Philippines

Venteny has raised a seed round for its employee benefits platform in Philippines.

Venteny, launched in 2015, works with employers to curb high turnover by offering employee benefits like restaurant and fitness discounts as well as short-term loans and cash advances.

The loans serve the 69 percent of adults in the Philippines that don’t have a bank account.

“There is huge pent up demand for consumer loans as not all major bank actively provide consumer loans,” says Koichi Saito of KK Fund, a Singaporean seed-stage mobile startup investor.

The financing round also was backed Japan-based Ocean Capital. More than 40,000 workers are enrolled on Venteny’s platform.

Photo credit: Venteny