UNOAsia Pte Ltd, a Singapore-based fintech company, has successfully raised $32.1 million in a pre-Series B funding round, marking a significant step forward in its mission to revolutionize banking in the Philippines.
The funding, a combination of equity and debt, aims to strengthen the presence of UNO Digital Bank, which UNOAsia owns, in the Filipino market and boost investments in innovative technology.
Manish Bhai, CEO of UNO Digital Bank, shared the bank’s rapid growth, noting that within fifteen months of its commercial debut, it has attracted a million customers and gathered $100 million in deposits, primarily through transaction, savings, and time deposit accounts. This achievement underscores the digital bank’s appeal and the trust it has built among its customers.
Kalidas Ghose, Chairman of UNO Digital Bank, emphasized the bank’s customer-centric approach, offering a comprehensive suite of banking products including transactions, savings, loans, investments, and insurance. He also highlighted recent initiatives to introduce personal loan products designed to address the formal credit gap for salaried individuals, professionals, and MSMEs, further broadening the bank’s reach and impact.
The investment round saw participation from notable investors such as Gateway Partners and Creador Private Equity, both expressing enthusiasm for UNO Digital Bank’s vision and achievements. Anand Kumar, co-founder of Gateway Partners, praised the bank’s efforts to transform the digital financial landscape in the Philippines and drive financial inclusion. Omar Mahmoud, Managing Director of Creador Private Equity, echoed this sentiment, highlighting the potential to provide the underbanked Filipino population with secure and comprehensive financial services through a single digital platform.
Nextinfinity Management also commended UNO Digital Bank’s impressive growth and expressed confidence in the bank’s management team to establish a leading digital banking and financial platform in the Philippines.
UNOAsia Pte Ltd, the force behind UNO Digital Bank, is set to leverage this new funding to expand its digital bank platform across South and Southeast Asia, aiming to offer a unified app for Filipinos to efficiently manage their finances across saving, borrowing, transacting, investing, and insurance.
UNO Digital Bank operates under the Digital Banking License framework by the Bangko Sentral ng Pilipinas (BSP), offering a full-spectrum, credit-led digital banking solution designed to meet the diverse financial needs of the Filipino population with speed and ease. – PEVCJournal.com