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Manila, Philippines - There are around 1.3 million sari-sari stores, or neighborhood mom-and-pop shops, in the Philippines, serving as the primary source of daily essentials for about 94% of Filipino consumers. Yet, services for their business growth are limited, leaving them unbanked and operating cash-in-hand. Recognizing this challenge in the…
Cebuana Lhuillier, Packworks boost MSME
HOMEGROWN technology firm Thepack Solutions Inc. (Packworks) and micro-finance business 1Sari Financing Corp. has inked an agreement “to provide access to secure, reliable and affordable inventory financing services” to more than 270,000 unbanked sari-sari stores across the Philippines. In a statement issued last Monday, Packworks explained that under the partnership,…
SARI-SARI stores serve as the very fabric of the country's retail landscape. They're as embedded in our culture as finding a store run by a local family on practically every street corner, even squeezed into skinny alleyways. If you're lucky (or maybe not if you're over it), you might see some kids gathering around and playing with the TikTok-popular clacking 'lato-lato.'
Filipino technology startup Packworks has formally launched its Mobile Enterprise Resource Planning (ERP) platform for sari-sari stores following a successful US$2M seed round. Leading end-to-end logistic group Fast Group and global private equity firm CVC Capital Partners led the said seed round, w