- Launched end-May 2022, the yufin app looks to bring millions of small businesses into the digital economy increasing financial inclusion
- The yufin suite of services will allow small merchants to accept digital payments, sell more - over the counter and online, and become trusted gateways to digital services for their customers
- yufin is backed by credible early-stage investors and led by an experienced management team
SINGAPORE, June 27, 2022 /PRNewswire/ -- yufin, a merchant platform that enables under-served SMEs in emerging markets to access the digital economy, today announced it has signed over 2,500 merchant partners in Mindanao, Philippines since its launch end-May 2022.
The easy-to-use yufin app helps SME merchants manage their cash and credit transactions over mobile phone and provides a technology platform for a suite of services to help millions grow their businesses.
SMEs such as sari-sari stores, often one-person enterprises operated by women, make up a significant proportion of consumption in the Philippines. Less than 20% have bank accounts while about 80% have access to smartphones.
"Small business entrepreneurs are at the heart of communities and distribution networks in the Philippines but they are often cash and paper-based and unbanked. This massively limits their potential to grow," says Shubhrendu Khoche, Chief Strategy & Product Officer, yufin. "The yufin app is easy to use, available in Tagalog, Cebuano and English and helps micro-entrepreneurs to manage their cash and credit transactions from the get-go as well as providing a gateway to services that will help them grow their businesses."
The yufin app will enable merchants to accept digital payments, sell online on digital stores, order from B2B marketplaces and access better loans.
Built by Miti Ventures, yufin has secured early-stage funding of approximately US$1 million from angel and institutional investors including Raja Rajamannar, Chief Marketing & Communications Officer, Mastercard; former Portfolio Manager of Cadence Capital a subsidiary of PIMCO Kathy Burdon; 77 Capital; Boleh Ventures; Zennon Kapron; Ramu Arivuvel and Krishan Grover.
"yufin exists to help under-served small businesses grow bigger by saving them time, helping them get online, accept digital payments, sell more and get access to cheaper capital," said Kurt Weiss, Chief Executive Officer, yufin. It is estimated small entrepreneurs can increase monthly profits by up to 50% within the first five years of using the platform.
The yufin executive team brings over 50 years' experience in payments, banking & FMCG at companies including Citi, Mastercard, American Express, Unilever, C-SAM and Samsung and is based in Singapore, New York, and the Philippines where it is supported by a dedicated team of yufin field-sales ambassadors.
"We are delighted by the initial response to yufin and to welcome our first 2,500 merchants to the yufin community," added yufin's Shubhrendu Khoche. "We really are only scratching the surface. The potential is huge to benefit millions of small and micro-entrepreneurs in the Philippines, and in other emerging markets, raising income levels and increasing financial inclusion. We look forward to adding many more merchants to the yufin family over the coming months."
yufin is Miti Ventures merchant services brand. Developed in Southeast Asia the yufin platform is an easy-to-use digital toolkit designed to help millions of small businesses in emerging markets get bigger, raising income levels and giving them access to the digital economy.
yufin saves merchants time, helps them get online, accept digital payments, manage transactions, inventory and debtors, sell more and access cheaper capital. Launched in the Philippines end-May 2022 with the backing of credible early-stage investors and an experienced management team, the yufin platform and model is highly scalable and portable to other emerging markets where small businesses need access to the digital economy to grow.