UNOAsia, a Singapore-based FinTech company and the primary incorporator of UNO Digital Bank in the Philippines, has secured US$11 million ($15.2 million) in a pre-Series A round led by Creador Private Equity.
UNO Digital Bank is licensed under the Bangko Sentral ng Pilipinas’ Digital Banking License framework.
The latest round brings UNOAsia’s total secured investments to US$44.5 million, which includes its pre-seed, seed and pre-Series A rounds.
Creator has already invested a total of US$21 million and has plans to increase this further, making it UNOAsia’s largest investor.
“The pre-Series A round led by Creador reflects continued investor confidence in our digital bank. The additional capital will help us to further invest to support our growth, as well as see us through the commercial launch of UNO Digital Bank, which is now a live operating bank under closed-loop ‘beta’,” says Manish Bhai, the CEO of UNO Digital Bank.
“It is estimated that out of the Philippines’ 70 million adult population, about 45 million are underbanked, which limits their access to financial services and the assistance they need to purchase homes, further their education, reduce their debt, invest in businesses, and ultimately improve their lives,” says Omar Mahmoud, managing director of Creador Private Equity.
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“Our investment in UNOAsia will allow us to promote financial inclusion in a country where only 10% are borrowing from the organised sector, which in turn would make a positive impact on millions of Filipinos and the broader community,” he adds.
The investors of UNOAsia include founders Manish Bhai and Kalidas Ghose, Creador Private Equity, marquee investors Akash Bhanshali (Payash Securities), Samir Arora (Helios Capital) and other senior investors from the banking and financial sectors.
UNOAsia, in its statement on Aug 2, added that it has strategic plans to ultimately create a regional business, expanding beyond the Philippines over the next few years.
