VENTENY is a Philippines-based company with one of the more unique business models e27 has come across in awhile. The startup is trying to solve the problem of employee churn by offering two distinctly different services. First, VENTENY allows companies to institued an employee loyalty-point system — sort of like the stamp-system widely used in restaurants across the world. Employees are incentivised by discounts to restaurants, hotels, gyms and other activities. What makes VENTENY so interesting is the second part of its business model, short-term lending. In partnership with banks and non-bank financial institutions, VENTENY customers can take out short-term loans; with the idea being that employees won't be forced to quit over a short-term financial problem. The company announced today it raised an undisclosed seed round led by Singapore's KK Fund. The Japanese financial group Ocean Capital Inc. also participated in the round. "I see many companies in Southeast Asia have been facing issues with low engagement and high turnover rate of employees due to the reasons that employees sometimes experience short of cash, lack of credit, lack of reason to stay in the same company," said VENTENY CEO Junichiro Waide in a statement. In an email to e27, Waide explained that the lending and employee perks services operate separately under the same platform. When asked about underwriting procedure and if employers can see if their employees lending habits, Waide did not answer the questions, citing future competition. As for the employee perks system, Waide explained the following:
"The employee can view the listings of the perks and benefits from the platform (web and mobile). "From there the employee can see the different perks and benefits, composed of discounts, freebies and many more, and the perks and benefits are standard for all clients."With the money, VENTENY plans to scale more rapidly and focus on hiring, building new features and regional expansion. Also Read: Zalora CEO refutes reports that company is selling in Indonesia The startup already has 40,000 registered employees in the Philippines and said it is doubling in size year-on-year.