Singaporean FinTech banks raise $6.7 million in Series A
Singapore-based FinTech banco has raised $6.7 million in a Series A funding round led by SBI Group.
The round also saw participation from Sumitomo Mitsui Banking Corporation, KZM & Company, R3, Savills and a number of other investors.
Founded in 2018, Banco has developed a platform that leverages the digital capabilities of the RABC Group’s expertise in micro, small and medium-sized enterprise lending and close industry partnerships to develop sector-focused and sustainable financial solutions for MSMEs.
With this influx of new capital, the banco claims it will look to recruit talent with technology and business development expertise, as well as undertake market expansion in the Southeast Asia region.
banco’s co-founder and CEO Lincoln Yin said: “With this new round of funding, we look to the future where the group can use our existing fintech capabilities to build better sustainable financial infrastructure for MSMEs in Asia, and to expand regionally. We are excited , yet humbled by the trust and support of our customers, partners and investors as we develop new capabilities and unlock new opportunities in this time of economic transformation.
“In Southeast Asia, MSMEs contribute more than 50% of ASEAN countries’ GDP, but still face challenges in securing financing to meet the needs of their businesses. Furthermore, as ASEAN adapts to climate change, ensuring that MSMEs are included and incentivized to become greener and more sustainable is critical, as the region swings towards a more sustainable development path. Technology and new data-driven financial products will play an important role in improving access to sustainable finance for MSMEs.
Lightnet Group, which develops cross-border transmission infrastructure, recently secured a capital commitment of $50 million from LDA Capital.
With the funds, the FinTech company plans to use its infrastructure and operations, and expand its technology partner (Velo Labs Technology) blockchain technology. The capital will also help facilitate web 3.0 payment and blockchain ledger-based remittance services focused across the Asia-Pacific region and globally.
Lightnet also has the option to increase its investment to a total commitment of up to $100 million over the next three years.
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