Singapore-headquartered FinTech banco raises $6.7 million in Series A round

Singapore-headquartered FinTech banco raises .7 million in Series A round
Singapore-headquartered FinTech banco raises .7 million in Series A round

  • Series A round was led by SBI Group along with SMBC
  • Through its digital platform – banco, the firm delivers sector-focused and green financing solutions for MSME i Southeast Asia

SINGAPORE, 31 August 2022 /PRNewswire/ — Singapore-head office fintech company banco (RABC Group) announced yesterday the successful increase of USD 6.7 million in Series A financing led by Japan-based leading financial group SBI Group, together with investors Sumitomo Mitsui Banking Corporation (SMBC), R3, Savills, KZM & Company and others.

With this fundraising, banco will look to recruit talent with technology and business development expertise, as well as market expansion in Southeast Asia.

Banco (RABC Group) was founded in 2018, and is headquartered in Singapore with subsidiaries i China and Japan. The Banco platform leverages the digital capabilities of the RABC Group’s expertise in micro, small and medium enterprise (MSME) lending and close industry partnerships, to develop sector-focused and sustainable financial solutions for MSMEs.

“We are pleased to lead banco’s Series A fundraising together with our strategic partners, SMBC and R3. It will be a collaboration between SBI, SMBC, R3 and banco, to provide more inclusive financing solutions and achieve ESG goals for SMEs in Asia. We believe that banco will grow to become a leader in its sector.” says Yoshitaka KitaoManaging Director, SBI Holdings.

SBI Group, founded in 1999, has achieved significant growth by offering varieties of financial services beneficial to consumers by riding the two main trends of “financial deregulation” and the “internet revolution.”

“With this new round of fundraising, we look to the future where the group can use our existing fintech capabilities to build better sustainable financial infrastructure for MSMEs in Asia, and to expand regionally. We are excited yet humbled by the trust and support of our customers, partners and investors as we develop new capabilities and unlock new opportunities in this time of economic transformation. IN Southeast Asia, MSMEs contribute more than 50% of ASEAN countries’ GDP but still face challenges in securing financing to meet the needs of their businesses. As ASEAN adapts to climate change, it is increasingly important to ensure that MSMEs are included and incentivized to become greener and more sustainable. Technology and new data-driven financial products will play an important role in improving access to sustainable finance for MSMEs, he said. Lincoln Yinco-founder and CEO, banco (RABC Group).

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