The fintech firm Cashalo recently vowed to improve the lives of Filipinos by empowering them with the tools and knowledge to nurture their financial well-being.

With offline and online components, the product suite is purpose-built to serve consumers wherever they may be.

Cashalo general manager Hamilton Angluben bared the commitment as the fintech firm observed the first anniversary of the launching of a mobile-based loan app.

The business was launched in May 2018 and designed around the principles of inclusion, responsibility, and transparency, “We are building a new equitable financial services infrastructure that unlocks economic opportunity for millions of unbanked and underserved Filipino consumers and businesses,” explains Angluben.

With over 77 percent of Filipinos remaining unbanked and over 90 percent of adults with no access to a credit bureau, Cashalo saw an unprecedented opportunity to build solutions to help accelerate financial inclusion. The company uses alternative data to help more Filipinos build financial identities using their mobile devices and contribute to the local economy.

In just a year, Cashalo has already helped over 1.3 million Filipinos build a financial identity. The company continues to see rapid growth, with the Cashalo app in the phones of more than 3 million users and counting.

The company’s proprietary technology uses artificial intelligence, machine learning, and anti-fraud algorithms to analyze a mix of traditional and non-traditional data to score those who were previously “credit-invisible.”

This data-driven approach to credit scoring removes unconscious biases and creates a level playing field for every Filipino, who have been undervalued and ignored by traditional financial institutions, regardless of their historical or current economic situation.

The Cashalo app’s suite of financially inclusive products was designed specifically for underserved and unbanked Filipinos and MSME. With offline and online components, the product suite is purpose-built to serve consumers wherever they may be. From the app, consumers can apply for digital credit and cash loans and receive a decision within minutes through a fast, easy and convenient process.