Jungle is the Philippines' first fully digital "Buy Now, Pay Later" service that enables consumers to buy goods and services, both online and offline through our e-wallet mobile app, and pay in fixed monthly installments without the need for a credit card or down payment.
Over the last few months, we successfully launched our product during lockdown in Metro Manila and other key cities in the Philippines, successfully providing more than 170 loans to consumers across the country through our mobile app.
We have more than 29,000 thousand people on the waitlist and more than 15,000 app installs.
We also have more than 700 outlets nationwide where our customers can use their credit.
We target the young professionals (around 20 to 30) that have a steady stream of income (Call Center Agent) but can't not access traditional credit due to their lack of credit history.
Problem or Opportunity
Only 9% of Filipino consumers have a credit card while point of sale lending is still a manual process that involves high interest rates, paper forms,
down payments, and store underwriters.
Solution (product or service)
A point of sale lending ecosystem that consist of a digital wallet for consumers to spend their credit on online or offline stores and a POS software for merchant to accept risk free installment payments.
Advantages or differentiators
Most of these companies operate in a traditional way using manual and tedious processes for underwriting. They hire a lot of people and place them inside partner merchant stores to process loans. This is a poor customer experience for borrowers as well as merchants.
As for TendoPay and BillEase, they only operate online through e-commerce sites so they are not really a competitor as we're actually an e-wallet for your phone which you can use to buy anywhere (online/offline)
We provide the best interest rates in the market. We charge 5% to 7% monthly interest plus a 9.5% as a loan processing fee for the total amount. The average loan amount is $100 at a 3 month loan term. This would give us 24.5% return at 5% interest rate
We acquire customers through digital marketing campaigns, our signup cost is .20 cents and our approved borrower acquisition cost is $13, with our current approval rate.
Money will be spent on
Expand customer base and merchant acquisition
Offer for investor
Our original plan is raising 1m USD on a 5m post-money valuation but we're considering a bridge round of raising 300K on a 3m post-money valuation and the remaining 700k after a few months.