The Philippine startup scene has been booming in recent years, staging a brighter economy for the Philippines. While there have been significant fluctuations in the Philippine economy in the past few years, our local entrepreneurs have been working towards achieving their personal goals in business – inciting a competitive market for the Philippines. Through these local businesses, the Philippine economy can grow faster, competing with international competitors who are aggressively racing on the economic track.
In this article, you will be introduced to the Top 7 Business Startups that have been stealing the spotlight in the Philippine startup industry. This article includes the companies Kumu, SAVii, Bukas PH, PayMongo, First Circle, PDAX, Mynt, and Shoppable. Get to know these companies and the exciting projects they have in store for the Philippines! Learn more about each company and get some exclusive insights on how you can work on building a startup company of your own, just like these model companies who started their dream businesses from the ground up.
Table of Contents
What is a startup?
Kumu
Coins.ph
eCompareMo
PayMongo
First Circle
PDAX
Mynt
Shoppable
Why You Should Support Startups
What is a Startup?
From the name itself, a startup is a company in the first stages of its development. It’s different from small businesses in its growth progression, size, and goals. Startup companies have a faster pace of growth. Unlike small businesses that are focused on being established within a couple of years, startup companies are expected to grow with a high acceleration rate of 20 to 30 percent. On the other hand, small businesses do not grow and accelerate at this speed; there is a slower pace expected for small businesses that are commonly expected from startups.
Startup companies have a larger size of employed individuals and continuously grow in hiring different talents for different specializations. Companies that fall under the startup category have a goal of growing at high speed, which is why the aid of manpower is expected to rise alongside its establishment growth. When more people in the field work together to achieve a common goal, the team’s goals are achieved faster. While a company’s size is on a case-to-case basis, in a general perspective, startups employ individuals for the different areas of their company that requires more manpower. Say, for example, a startup company focused on real estate experts to make more sales; this company will have to hire more talents in their marketing team and sales. The same way goes for other companies that fall under different industries.
Companies under the startup category aim to expand at a large scale. Differing from small businesses, startup companies share a goal of establishing their business to have the strength to compete with larger companies and sometimes even international brands. Hence, startup companies in the Philippines need ample support from the Philippine market to grow and expand continuously. When investments in the local market grow, so does its economic growth.
Kumu
If we could give a popularity award, perhaps the trophy would go to Kumu – the Filipino-made social entertainment platform. Despite its short time in the industry, it has already gained popularity and recognition as the most extensive social-entertainment application in the Philippines. Countless prominent names in the industry and commercial entertainment have endorsed the use of Kumu because of its unique characteristics in making days brighter for Filipinos, generating smiles through technology and connection building.
Kumu aims to create a vibrant community for Filipinos and individuals across the globe to have a space where connection feels safe, sincere, and happy. With other news here and there, there are moments when we lose sight of finding happiness for ourselves. Kumu has launched its startup to have a platform that reminds each person of the presence of happiness and how it can be achieved through the most unconventional ways.
The local startup Kumu boasts several features, including social media, community engagement, campaigns, and partnerships. As the startup company grows massively, it has gained attention from local and international investors, reaching the Series C of funding. In layman’s terms, Series C funding corresponds to having a total of over 100 million dollars in funding. For entrepreneurs, this would be an exciting growth phase, as the company will be expected to introduce more unique activities and platforms within their platform.
Indeed, we’re excited to know more about what Kumu has to offer, and we’re even more excited to support the startup companies of the Philippines!
Coins.ph
Coins.ph is a mobile wallet and digital currency exchange startup company that offers convenient trade and e-wallet use. The startup company offers application and platform access to its users, which allows them to pay bills, purchase digital currencies, and send money. The ultimate perk about Coins.ph is you can work on all these transactions without having a bank account.
Despite being a newbie in the startup scene, Coins.ph has already gained ample support from the public. The company is in popular demand, reaching approximately 10 million users who trust Coins.ph. The startup company boasts features allowing users to pay bills and conduct transactions anywhere and anytime. One of its most special characteristics is its commitment to inclusivity. Coins.ph allows all individuals from different walks of life to make transactions online despite having no bank account.
Coins.ph is committed to providing secure and convenient transactions from buying loads to paying bills. Its online wallet system is also loved by its users as they feel that cardless transactions make a better impact on their daily life and the environment. One of the upsides for the startup company is how it offers different accessibility features, which lets you use the platform more effectively when you verify. This way, you can be guaranteed that you won’t experience any fraudulent activity whatsoever.
eCompareMo
A startup company that offers flexible and user-friendly financial tools. The startup company eCompareMo is a startup company that offers countless plans for insurance and loans. To name a few of their offerings, they have car insurance, personal loan, prepaid health products, travel insurance, and auto loans. The company helps users obtain more financial options to build their credit history. One of their commitments is providing accessible and foolproof financial privileges to individuals unable to acquire immediate monetary power.
The startup company eCompareMo is the Philippines’ most significant financial marketplace. The company is also dedicated to teaching Filipinos about financial literacy, enabling them to make wiser financial decisions. The company has also worked with over 50 banks, financial firms, and insurance companies in the Philippines. This startup company is trusted by big and small names in the industry and continues to shape the finance industry in the Philippines.
PayMongo
The startup company PayMongo is a payment gateway platform that provides accessibility for businesses to accept online payments from their customers. Companies large and small have testified to the ease and flexibility of PayMongo’s features. When a company is partnered with PayMongo, they may receive consecutive payments, a buy now and pay later flexibility. PayMongo welcomes different payment options from various payment channels, including credit cards, debit cards, e-wallets, online bank transfers, and over-the-counter.
PayMongo has simplified the way payments are made online, providing hassle-free transactions for sellers and buyers. The startup payment gateway platform offers real-time business reporting tools for companies to track their customer’s payments. One of its best features is its tax reporting tools, which allow companies to generate their payouts with value-added tax and withholding tax computations included. No more trouble computing and no more math!
PayMongo works to secure payments for businesses to receive their customer’s payments without any trouble. The startup company has designed its payment gateway with security tools against fraud and transactions involving theft. PayMongo’s risk engine uses over 1,600 data points to combat and predict fraudulent transactions in real time. This way, customers and companies can be guaranteed complete safety and security through each transaction.
First Circle
First Circle’s mission is to build a foundation for businesses to reach their full potential through financial partnerships. Different businesses can join and partner up with First Circle, providing them with different options for trade, financial support, and development. As the ecosystems for businesses begin to grow, First Circle is committed to providing a solid support network for small and medium enterprises (SMEs).
The company believes in the potential of small businesses, as they are the lifeblood of the economy and the drivers of how well the Philippine economy can recover and prosper. First Circle offers mobile or web experience for entrepreneurs willing to learn and grow their respective businesses. The company is dedicated to supporting the growth of its partners through each step of their development. The Financial Technology startup – First Circle hopes to bridge the gap between economic stability and entrepreneurship, eliminating the boundaries between business and success.
The company first launched its brand in 2016, which has grown continuously since then. First Circle has grown to accumulate countless projects from financial services, technology, and eCommerce, each in different industries. Their projects have gained attention for raising the notch of success for small, medium, and enterprise businesses. First Circle is trusted by numerous brands and governmental agencies, including the Department of Trade and Industry and the Securities and Exchange Commission in the Philippines.
PDAX
PDAX startup company has a mission of giving every Filipino a fair chance to achieve their dreams. Due to the changing digital face of technology, PDAX has created a platform where Filipinos can be presented with an opportunity to invest and participate in building an investment in the market. Since its founding in 2018, PDAX has emerged as one of the most energetic startup companies in the Philippines in blockchain technology and cryptocurrency.
The startup company has developed and grown into a business that offers Filipinos an edge to build their financial infrastructure competitively in the market. PDAX is a company that strives to provide immense value to the Filipino crypto community, giving them an unmatched service that they can use to grow. PDAX welcomes any interested individual to become an experienced trader. You can buy, sell, or trade your e-coins anytime and anywhere, be it bitcoin or crypto.
PDAX is a trusted partner of numerous companies, including UnionBank, TigerGlobal, DG Daiwa Ventures, and Kingsway Capital. PDAX startup company also gained the public’s attention when it was featured countless times in the media, namely, GMA, The Fintech Times, and BM Plus. The company is on its way to guiding traders to a profitable financial investment with financial security and knowledge.
Mynt
Mynt is another financial technology innovation that offers financial opportunities to all individuals, especially those who are unbanked. This startup company aims to provide accessible and user-friendly digital solutions that empower individuals, companies, groups, and entrepreneurs to experience an easier way to send and receive money. The company strives to deliver financial solutions that are accessible to all.
Mynt offers hassle-free loan applications for short or long-term needs; this way, individuals in their most vulnerable financial situation may still acquire their solutions without any worries. Mynt is committed to streamlining convenient and cashless transactions for anyone, wherever they are.
One of the company’s most exceptional features is its ecosystem for disbursement and payment channels. Unlike others, who require hefty fees for each transaction, Mynt is dedicated to providing their service at no cost of a fortune. The company is working to explore different innovations in a non-traditional pathway that offers an avenue for a more inclusive financial infrastructure.
Intermission…
We’ve heard about the seven startup companies that are wonderfully flourishing in the Philippines, each with their own goals and works that strive to make the Philippines and the rest of the world a better place. It’s a heartwarming story to hear about all the entrepreneurs working towards a purposeful future for the people they built their businesses for. Some have built their business to help children receive a quality education, others help unbanked individuals – receive financial opportunities, and others help small businesses turn their businesses into profitable ventures.
Here’s another startup company that you want to hear about. Earlier we read about the different companies in Financial Technology and Education; now, we have one for eCommerce. This one is doubly special because it’s one of the babies in the industry, but it is one to watch out for.
Shoppable
Indeed, you’re already well-versed in terms of eCommerce. You know that shopping can now be found within our devices, and we can get anything we want as long as we have the cash to spend and the internet to connect us with the platforms that sell us products we may or may not need. The eCommerce industry has been one of the most aggressively growing across the globe. Many of the brands we know of are internationally made, and the large-scale companies we know of are commercialized brands that have been around for the longest time.
Now, we can proudly claim that we have one made by Filipinos! Shoppable is an eCommerce company made by Filipinos, connecting Filipinos to quality suppliers and businesses safely and efficiently. Unlike other brands that offer products that can just be picked up from anywhere, Shoppable offers a curated set of products and services. The startup company Shoppable desires that each of its products is quality made and sent out with the highest form of service from transaction to shipment. Shoppable strives to connect Filipino businesses of any size to suppliers and business owners through a program of brand registration to eliminate the cases of fraud, theft, and misrepresentation in the eCommerce industry.
The company aims to create a safe space for buyers and sellers to obtain products and services without worrying about its quality and shipping process. Shoppable is one of the newest eCommerce companies in the Philippines; it offers a refreshing perspective and experience to buyers, new and old alike.
Why Join Shoppable
Earlier, we mentioned the new face in town – Shoppable. And since it’s a startup eCommerce company, we still have to hear who and what Shoppable is. What do they specialize in, and why should we join one of the country’s newest innovative eCommerce startup companies – Shoppable.
- It’s FREE – It’s free to start selling on the Shoppable platform. As long as you’re a legally registered business, you’ll be able to list products for free on Shoppable. You only pay a commission if an item sells on the platform, and you get paid.
- Expand your Customer base – Through Shoppable, you’ll reach thousands of new customers for free. Think of Shoppable as your marketing arm that you only pay when you have a sale.
- Get your eCommerce Store – Increase sales by digitalizing your product catalog and reaching customers worldwide. Print catalogs are dying, costly, and not environment friendly – digital is the future. Sellers can get their eCommerce store on Shoppable Business which can be given to any client.
- Procurement Technology – Enable your customers to pay you online through Bank Transfers, Credit Cards, Over-the-Counter Payments, Recurring Payments, and more. Easily track and manage orders, payments, and shipping through the Shoppable platform.
- Shipping Technology – Shoppable has integrated directly with multiple shipping couriers, enabling you to provide same-day to next-day delivery to your customers.
- Compliance – Sales invoices and 2307’s required? Don’t worry; Shoppable has got you covered! The platform keeps sellers fully compliant, never worrying about missing documents.
- 3PL & Fulfilment Services – Need additional manpower? Shoppable can provide you with warehousing and fulfillment solutions to expand your brand to different locations enabling you to get products delivered faster to your customers.
- Real Sellers, Real Buyers, and Real Products only – We vet and interview sellers that join the platform, so you will be assured that all of the products and transactions are authentic and legitimate.
Learn from the latest eCommerce company that is proudly Filipino-made – Shoppable and Shoppable Business. Check out their website by clicking here for Shoppable and here for Shoppable Business. You may also browse through their Facebook, Instagram, Twitter, and LinkedIn page. Stay connected with the latest news Shoppable has in store for its audience. The Shoppable team is happy to guide you through any transaction you’d like to have made with the brand. Reach Shoppable through [email protected]. Grow with Shoppable while supporting the Philippine economy!
Why You Should Support Startups
We’ve heard that supporting our own makes a big difference in the grand scheme. But why exactly should we support startup companies? Unlike established businesses that have been around for decades, startup companies need the most support. Startup companies require support from social media in their website visits and support for their products and services. Yes, these companies have investments and funding from larger businesses and individuals, but those alone cannot drive a company to succeed. Companies need individuals to know that they exist. For example, a car may run on wheels, but without gasoline, it will not work. When its tank is empty, the engine will not function, and it will not run. The same metaphor may be applied to businesses, especially startups.
Startup companies require support from different audiences, diversifying their reach. When many people know they exist, word of mouth begins. When they make their presence known in the industry, they can begin gaining customers slowly and certainly. Without the support of people, companies such as startups will cease to grow and achieve the goals they have set for themselves.
Another reason startup companies need support is that Filipino companies are fighting for their place in the industry. International companies that established their brands years ago already know how the market works and what they need to do next. They already have the manpower and support for existing audiences; however, companies like startups do not have this luxury. Startup companies usually have to start from scratch.
Filipino startup companies must receive support from their countrymen to have the means to grow competitively alongside international companies and those established years ago. Startup companies have the potential to drive the economy to a better state, creating more employment opportunities and providing an influx of quality goods and services for Filipinos. Without good support, companies who have just begun their businesses, like the startup companies mentioned above, will have the most challenging time driving their business to success and contributing positively to the Philippine economy.
Now you know the drill! Support your own and be part of the drives of our economy!
