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Saturday, April 20, 2024

UNOAsia secures $32.1m for expansion to drive financial inclusion in PH

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Fintech UNOAsia Pte Ltd has raised $32.1 million in a pre-Series B round to propel its mission to reshape the future of banking in the Philippines.

The company said this funding round represents a blend of equity and debt, which augurs well for UNOAsia as it seeks to solidify UNO Digital Bank’s presence and accelerate its investments in pioneering technology.

“In just 15 months since its commercial launch, UNO Digital Bank secured accounts with a million customers and amassed $100 million in deposits, predominantly within transaction, savings, and time deposit accounts,”  UNO Digital Bank chief executive Manish Bhai said.

UNO Digital Bank chairman Kalidas Ghose, highlighted how this perspective aligns with the company’s vision.

“Our relationship with customers is expressed through the prism of five essential banking products: Transaction, Savings, Loans, Investment, and Insurance,” Ghose said.

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The bank recently launched a few variations of personal loan products that help bridge the formal credit gap across salaried, professionals and micro, small and medium enterprises (MSME) segments, with a focus on expanding the reach.

The investment will help in efforts to transform the digital financial space in the Philippines and drive financial inclusion, according to Gateway Partners co-founder Anand Kumar.

He said Gateway Partners’ support is aligned with their mission to invest in fast growing sectors in emerging markets, saying, “We are excited to  be part of UNO’s journey and to back the founders and their experienced management team who have built a solid foundation over the past 15 months”.

Meanwhile, Creador Private Equity  managing director Omar Mahmoud welcomed this renewed partnership and supports the vision of giving every Filipino access to formal financial services.

“Our investment in UNO Digital Bank provides a large underbanked population with a safe place to manage their finances through the simplicity of a single digital platform,” he said.

Nextinfinity Management is impressed with UNO Digital Bank’s growth in such a short span of time, stating that they are supporting UNO Digital Bank’s highly accomplished management team to create the leading digital banking and financial platform in the Philippines and are delighted to support the company, along with Creador and Gateway Partners, in this endeavor.

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