Packworks in inventory financing tieup with 1Sari

TECHNOLOGY startup Packworks said it partnered with 1Sari Financing Corp. to provide inventory financing services to over 200,000 mom-and-pop retailers, which are known in the Philippines as sari-sari stores.

“By reaching the unbanked and underbanked, we’re championing the entrepreneurial spirit that drives our nation forward. Our collaboration with 1Sari Financing Corp. ensures that even the smallest establishments have the tools and resources they need to thrive,” Hubert Yap, co-founder and chief platform officer of Packworks, said in a statement on Monday.

Through this partnership, Packworks said a total of 270,000 unbanked sari-sari stores will be given a credit line of P2,500 in 1Sari inventory financing, which it said is also available through Packwork’s in-app service for its partners.

“Collaborating with Packworks supercharges the expansion and funding of well-deserving, credit-worthy sari-sari stores. Through their cutting-edge tech platform, we gain the power to deliver inventory financing to previously underserved micro-enterprises with unparalleled efficiency, revolutionizing their financial prospects,” Dindo T. Velasquez, co-founder, chief finance and risk officer of 1Sari, said. — Ashley Erika O. Jose