U.S. nano credit company Venio expands services for Filipinos
By Edil Corneille
Nano-credit facilities provider Venio, which focuses on unbanked consumers in emerging markets, has expanded its services nationwide across the Philippines on the back of metro launches across Mega Manila, Cebu and Davao. Venio has continued its local convenience store and merchant acquisitions into six new municipalities within the capital Metro Manila, bringing the app to a complete nationwide availability and increasing local neighbourhood store access across Manila.
Following an initial roll out with over 30,000 downloads, Venio has proven its core business model across its test markets and is now ramping up its availability across the Philippines with new international markets planned. The U.S. company is expanding its reach via its redemption network of retail partners. Venio app users will now be able to redeem credit facilities at stores and merchants across the country, as well as have local store access within the most populous municipalities in Metro Manila.
Warren Platt, Founder & CEO at Venio apprised, “Venio has successfully completed its launch and proven the business model. Our product has resonated with customers with acquisition rates that are performing above expected levels and our geographical expansion is in response to this demand. We are proud of the positive response from our customers and of the positive impact we have been able to make in the lives of many unbanked individuals. The fact that Venio is expanding its footprint means vital credit facilities are now available to more of the unbanked in Filipino society, reducing financial exclusion. We are now preparing to scale further and look forward to further positively impacting our user base in the Philippines and towards taking Venio into other new international emerging markets.”
Venio mentioned that the expansion follows a steady increase in customer acquisition and the recruitment of additional partners to its retail network. These include the Philippines’ Sari-Sari stores that are a central part of retail and local community life along with the international retailers such as Grab and McDonalds to name a few of the merchants and brands that Venio customers can access via the company’s app.
Venio’s nano-credit offering enables users to access small loans starting at $1 and up to $5. This helps individuals who are building a credit profile for the first time. The company is preparing to grow internationally to target high growth emerging markets in Asia and Latin America.
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May 26, 2023
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