Fintech raises $11 million for PH digital bank
The Singapore-based parent company of UNO Digital Bank, one of the six pioneering digital banking licensees in the Philippines, has raised US$11 million to support its foray into the local banking scene.
Fintech UNOAsia Pte. Ltd. (UNOAsia) closed its “pre-series A” round led by Creador Private Equity. Creador has so far invested a total of $21 million and plans to increase this further, making it UNOAsia’s largest investor, the company said in a press release on Tuesday.
Series A financing gives outside investors the opportunity to invest money in a growing company in exchange for equity or partial ownership.
“It is estimated that of the Philippines’ 70 million adult population, about 45 million are underbanked, limiting their access to financial services and the help they need to buy homes, further their education, reduce debt, invest in businesses, and ultimately improve their lives . Our investment in UNOAsia will allow us to promote financial inclusion in a country where only 10 percent borrow from the organized sector, which in turn will have a positive impact on millions of Filipinos and the wider community,” said Omar Mahmoud, CEO of Creador Private Equity.
Manish Bhai, CEO of UNO Digital Bank, said the funding round led by Creador reflected continued investor confidence in the Bangko Sentral ng Pilipinas-licensed digital bank.
“The additional capital will help us invest further to support our growth as well as see us through the commercial launch of UNO Digital Bank, which is now a live operational bank under closed loop beta,” Bhai said.
To date, UNOAsia has raised $44.5 million in new investments. Apart from Creador, the investors include founders Manish Bhai and Kalidas Ghose, Akash Bhanshali (Payash Securities), Samir Arora (Helios Capital) and other senior investors from the banking and finance sector.
UNOAsia has strategic plans to eventually establish a regional business, expanding beyond the Philippines in the next few years.
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