Singapore fintech UNOAsia raises US$11 million pre-Series A, led by Creador

• Has raised USD 44.5 million in its pre-seed, seed and pre-series A rounds
• Funding to support commercial launch of UNO Digital Bank in the Philippines

Singapore-headquartered financial technology company UNOAsia Pte Ltd, the primary incorporator of UNO Digital Bank in the Philippines, has secured US$11 million (RM48.9 million) in a pre-Series A round led by Creador Private Equity. UNOAsia one of six licensed digital banks in the Philippines.

Other investors include Manish Bhai and Kalidas Ghose (picture, left)the founders of UNOAsia, Akash Bhanshali of Payash Securities and Samir Arora of Helios Capital and other senior investors from the banking and finance sector.

[Ed note: It is unusual for founders to invest into their own startups at this stage.]

Creador, which on its website described its investment in UNOAsia as “a rare early-stage investment”, is a 2011-founded private equity firm launched by Malaysian Brahmal Vasudevan in Kuala Lumpur, Malaysia. It has already invested a total of US$21 million (RM93.5 million) and plans to increase this further, making it UNOAsia’s largest investor.

To date, UNOAsia has secured US$44.5 million in investments in its pre-seed, seed and pre-series A rounds, which includes drawn down capital of US$34 million.

[RM1 = US$0.225]

Manish (picture, left)The CEO of UNO Digital Bank (UNObank Inc), a digital bank licensed under the Bangko Sentral ng Pilipinas’ Digital Banking License framework, said, “The additional capital will help us invest further to support our growth as well as see us through the commercial launch of UNO Digital Bank, which is now a live bank in closed-loop ‘beta’.”

Omar Mahmoud (picture, below)CEO of Creador Private Equity said: “It is estimated that of the Philippines’ 70 million adult population, about 45 million are underbanked, limiting their access to financial services and the help they need to buy homes, further their education, reduce their debt, invest in businesses, and ultimately improve their lives.” The investment in UNOAsia will allow Creador to promote financial inclusion in a country where only 10% borrow from the organized sector.

“We are equally excited to support Manish Bhai and Kalidas Ghose, the highly experienced founders of UNOAsia, along with their team, who have very quickly created an intelligent and responsive banking platform that will serve those seeking a digital banking experience in the Philippines,” added Omar to.

Manish previously spent close to 25 years with Citi, while Ghose is an entrepreneur with a successful exit to his name as Vietnam-based consumer finance business FE Credit, which he founded in 2015, saw Sumitomo Mitsui Financial Group buy a 49% stake in it last time. year to a value of 2.8 billion dollars. Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) continues to own 50%.

UNOAsia plans to eventually establish a regional operation, expanding beyond the Philippines in the next few years.