Singapores UNOAsia raises funds ahead of digital bank full launch

Singapore-based fintech company UNOAsia is the lead investor in UNO Digital Bank in the Philippines, securing $11 million in its pre-series A round.

UNO Digital Bank CEO Manish Bai

The funding was led by Creador Private Equity, the company’s largest investor, which has already invested a total of $21 million and has plans to increase it further.

With this, UNOAsia has so far raised $44.5 million in pre-seed, seed and pre-series A rounds, including $34 million in drawn capital, the company said.

Manish Bhai, CEO of UNO Digital Bank, said: Loop “Beta”.

Omar Mahmoud, managing director of Creador, said the company’s investment could help boost financial inclusion in countries like the Philippines, where “only 10% of borrowing comes from the organized sector.” . Mahmoud adds that about 45 million of the country’s 70 million adult population are unbanked and have limited access to financial services.

UNOAsia claims it has strategic plans to create regional businesses that will expand beyond the Philippines in the next few years.

UNO Digital Bank is a credit-driven digital bank licensed under the Bangkok Sentral ng Pilipinas (BSP) Digital Banking License framework. It allows Filipinos to save, borrow, trade, invest and manage their finances in one app for her.