Singapore-based FinTech banco has raised $6.7m 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 enterprises lending and close industry partnerships in order to develop sector-focused and sustainable financial solutions for MSMEs.
With this influx of new capital, banco claims it will look towards recruiting talents with tech and business development expertise as well as undertaking market expansion within the region of southeast Asia.
banco co-founder and CEO Lincoln Yin said, “With this new round of fundraising, we are looking 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 from our clients, partners, and investors as we develop new capabilities and unlock new opportunities in this financial transformation era.
“In Southeast Asia, MSMEs contribute more than 50% of ASEAN countries’ GDP, but still face challenges with securing financing to cover the needs of their business. Moreover, as ASEAN is adapting to climate change, it is increasingly important to ensure that MSMEs are included and incentivised to become greener and sustainable is critical, as the region pivots towards a more sustainable path of development. Technology and new data-driven financial products will play an important role in improving the access to sustainable finance for MSMEs.”
In other Singapore FinTech news, The Lightnet Group, which develops cross-border remittance infrastructure, recently secured a $50m capital commitment from LDA Capital.
With the funds, the FinTech company plans to w its infrastructure and operations, and expand its technological partner’s (Velo Labs Technology) blockchain technology. The capital will also help facilitate web 3.0 payment and blockchain ledger-based remittance services focused across Asia Pacific and globally.
Lightnet also has the option to increase the investment to a total commitment of up to $100m over the next three years.
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