Startups in Manila: 12 Startups you need to watch out for in the Fintech scene
The Philippines’ fintech industry is expected to continue to grow more after its massive growth during the time of Pandemic. The number of fintech clients has grown from 1.7 million in 2016, to 54.1 million last 2021. It is not surprising that the emergence of Fintech services reached 48.7% in 2021, making it seem that every second, Filipinos are using the services of at least one Fintech. Notable isn’t it?
The number of fintech companies in the Philippines has grown from 126 to 222 entities since 2016. With that, we can tell that about 15–20 startups emerge per year, while 10 to 15 companies closed their doors, unable to withstand the growing competition. According to Finextra, the largest growth was seen in mobile wallets, online payments, and wire transfer segments.
We have here 12 Startups in Manila, that are keeping up with the country’s fintech scene:
1. Maya
Paymaya or most commonly referred to as ‘Maya’ is not really that new in the fintech scene as it was founded in 2007. It is an all-in-one money app, where it features a digital wallet and digital banking services.
2. PayMongo
Founded in 2019, PayMongo is a payment processing startup that provides payments API that can be integrated into mobile webs or applications.
3. Coins.ph
Launched in 2014, Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first-ever crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
4. Pearlpay
End to End Digital Banking Solutions. A fintech startup whose strength is in core banking solutions, loan management solutions, etc.
5. PDAX
Founded in 2018, PDAX is the Philippines’ homegrown cryptocurrency exchange, regulated and licensed by Banko Sentral ng Pilipinas (BSP)
6. GrowSari
GrowSari is a tech-enabled Business-to-Business platform. Started in 2016 as an ordering platform for Sari-Sari stores. Today, GrowSari has integrated multiple microservices like telco load, e-commerce, bill payment, and other e-services.
7. Ayannah
Leading provider of digital finance and digital commerce to the middle class/unbanked. They provide B2B payment solutions, bank-grade Saas, B2C gift remittance service, and B2B2C and B2C apps.
8. First Circle
Launched in 2016, First Circle aims to empower Small and Medium Enterprises (SMEs) in growth markets by financing/funding their B2B trade transactions.
9. Qwikwire
Qwikwire is a cross-border billing and invoicing platform for enterprises. We empower real estate developers, banks, BPOs, and billing services with our customized billing, invoicing, and property management solutions.
10. Plentina
A Fintech startup focuses on access to credit in emerging markets. Plentina is a fintech company that uses alternative data to build a credit score and extends credit to good borrowers to purchase essentials.
11. JazzyPay
Regulated by the BSP, provides payment gateway systems. Jazzypay is a cross-platform invoicing solution that enables businesses to bill their customers.
12. Dragonpay
Fintech startup established in 2010, provides payment gateway solutions/systems, and alternative payment channels.
These fintech startup companies may not be fresh in the eyes and ears, but they certainly fit the description of booming and boosting. There are still many new startup companies that are emerging in the fintech scene and belonged to that 15–20 new faces per year. It is hard to deny that the Philippines’ future when it comes to the fintech industry is really looking good and steady. Who knows, in the future, or even in just a few years, the Philippines may become the leading ideal country to place Fintech startups in South East Asia.
Keeping up in the game:
Piccopay
Fintech startup founded in 2018, Piccopay offers payment technology solutions from invoicing, virtual terminal, extensions and etc. For more information visit piccopay.sg
References:
“Startup Ecosystem Overview of Manila: StartupBlink: StartupBlink.” Startup Ecosystem in Manila, https://www.startupblink.com/startup-ecosystem/manila-ph.
Team, Editorial. “Philippine Fintech Market Forevast to Reach $44 Billion.” Finextra Research, Finextra, 24 May 2022, https://www.finextra.com/pressarticle/92722/philippine-fintech-market-forevast-to-reach-44-billion#:~:text=The%20number%20of%20FinTech%20active,at%20least%20one%20FinTech%20service.
