MANILA – Loan app Cashalo said Monday it expanded outside retailers owned by its parent, the Gokongwei group, to meet its target of having one million customers by the first half of 2019.
Since its launch last year, Cashalo has financed P1 billion worth of products while app downloads reached 2 million, its general manager, Hamilton Angluben, told The Briefing on ANC’s Market Edge.
Cashalo can now lend money for purchases from gadget retailer Memo Express, mobile phone makers Oppo and Cherry Mobile on top of JG Summit-operated Robinsons Supermarket, Robinsons Department Store and Handyman.
“We’ve expanded to other malls, other department stores. We have different brands. It’s really a win-win for all partnerships,” he said.
Stores that accept Cashalo payments reported sales increases of 10 to 20 percent, he said.
Cashalo, a joint venture between Gokongwei-led JG Summit and Hong Kong’s Oriente, is looking to service small businessmen including mom and pop or sari-sari stores that are prey for loan sharks, he said.
“It’s a good market. In general, business borrowers are good payers. They’re really an underserved segment,” he said, adding there are an estimated 1.1 million sari-sari stores in the country. (ABS-CBN News)