MANILA, Philippines — Startup builder Talino Venture Studios has received $5 million from a Washington-based funder for the development of new solutions in financial technology.
Talino Venture yesterday said it secured $5 million, or around P300 million, from Chemonics International Inc., an international financier with presence in more than 70 countries.
Talino Venture, led by Filipino businessman Winston Damarillo, will use the money to fund startups that want to scale their fintech products to promote financial inclusion.
Talino Venture has funded the expansion of fintech companies that serve the Filipino market like Asenso Finance and BayaniPay. Asenso Finance extends loans to small businesses in developing economies and underserved communities, while BayaniPay offers zero-fee remittances to the Philippines.
Chemonics, for its part, has introduced the use of new solutions in improving the livelihoods and welfare of people living in far-flung areas. As an example, Chemonics used drone technology to pick up and deliver medical samples from Malawi in Africa.
Apart from this, it developed a technology-based biodiversity and forest conservation system for the Philippines.
Together, Talino Venture and Chemonics commit to invest the $5 million in startups that seek to push for financial inclusion in emerging economies.
In the Philippines, the companies see the opportunity to launch new fintech services with at least 50 million Filipinos still unbanked.
Damarillo said the commitment remains the same for Talino Venture, that is to close the financial gap in underserved communities by bringing in inclusive finance. Further, the company wants to expand its reach among migrant Filipinos through its collaboration with Chemonics.