Local financial technology platform Cashalo has kicked off its Visayas- Mindanao expansion through the launch of Shop Now, Pay Later service in Cebu.
Cashalo partnered with Robinsons Department Store-Fuente Cebu, Robinsons Department Store-Galleria Cebu, Gear Up-Jakosalem Cebu, Spyder-SM Cebu, Moto Inspira-SM Cebu, SM Department Store-Seaside City Cebu, and SM Department Store-Consolacion for its Cebu roll-out.
“Cebu is a very important market for us. We view it as our next frontier," Cashalo General Manager Chino Flor said.
Aside from the "huge growth opportunity in Cebu's very vibrant market", the expansion shows Cashalo’s "optimism in the Visayas region, and down the line, in Mindanao", he added.
Shop Now, Pay Later, Cashalo’s offline to online (O2O) consumer financing product, enables consumers to access digital credit for specific shopping needs at retail stores.
Credit lines range from P2,500 up to a maximum of P15,999.
Borrowers can purchase multiple products, from appliances, household items, apparel, electronics to school supplies, across Cashalo's network of partner retail stores.
Consumers can start processing their loans via the Cashalo app and obtain approval in the store in a matter of minutes.
The VisMin expansion was timed to coincide with the December holidays' peak spending period.
"By introducing Shop Now, Pay Later we are democratizing access to financing in Cebu, empowering Cebuanos to shop for their needs with ease and comfort,” Flor said.
Moreover, Cashalo is open to taking in new merchant partners to provide Cebuanos a wider array of store choices for their shopping needs.
"We are excited to continue expanding our presence in Cebu by forging partnerships with more merchants,” he confirmed.
Cashalo is a wholly-owned subsidiary of Hong Kong-based Oriente ,whose founders are behind internet giants Skype and LU.com.
JG Summit is a strategic partner and investor of Oriente.
All loans under the Cashalo Platform are financed by Paloo Financing Inc.