LuvIt launches in the Philippines: AI-powered Financial access solution with Instant Approval

LuvIt launches in the Philippines, offering a digital-first financial access solution in partnership with Mastercard and AUB.

LuvIt launches in the Philippines

Who is LuvIt?

LuvIt is a new digital financial access platform and app that offers a versatile virtual and physical Mastercard. It is developed and operated through WeFund (associated with JuanHuand), a subsidiary of FinVolution Group (NYSE: FINV), a leading Fintech group company with supposed deep expertise in AI-powered digital lending and consumer finance across Asia.

FinVolution brings extensive expertise in AI-powered lending, financial inclusion, and consumer finance across multiple markets, including Indonesia, the Philippines, and beyond. The company has served over 230 million cumulative users, generated significant loan volumes, and is supported by top-tier investors, including Sequoia, Goldman Sachs, and others.

LuvIt Mastercard in partnership with AUB

The LuvIt card is issued in partnership with Asia United Bank (AUB) and leverages Mastercard's global network for seamless acceptance.

In the Philippines, LuvIt promises an easy application process, customer-first features, and top-notch customer service.

The brand is claiming that the application should take less than 5 minutes and only needs 1 valid ID. It can go as fast as 90 seconds. LuvIt is offering 0 percent interest up to 40 days, and affordable interest rates with flexible payment options (including 3 to 6 months).

It is offering customers spending limits starting from PHP 6,000 up to PHP 200,000 with no hidden or annual fees.

LuvIt is claiming that their customer service should offer short waiting times with live agents available to assist them in a polite, helpful, and professional manner.

Users gain access to the virtual card instantly and will receive a physical LuvIt Mastercard for in-store and global use. The entire experience is accessed and managed through the LuvIt mobile app.

The brand's AI-driven approach and minimal requirements should aid Filipinos still facing barriers to traditional banking and credit cards. 

The LuvIt app is now available on the Google Play Store and Apple App Store.

What do you guys think?