• Published on 21 February 2024
• 1060 Views
• Print

UNOAsia secures $32.1M to drive Filipino financial inclusion

UNOAsia has raised $32.1 million in a pre-Series B round to propel its mission to reshape the future of banking in the Philippines.

This funding round represents a blend of equity and debt, which augurs well for UNOAsia, as it seeks to solidify UNO Digital Bank’s presence in the Philippines and accelerate its investments in pioneering technology.

Manish Bhai, CEO of UNO Digital Bank, remarked: “In just 15 months since its commercial launch, UNO Digital Bank secured accounts with a million customers and amassed $100 million in deposits, predominantly within transaction, savings, and time deposit accounts.”

Kalidas Ghose, chairman of UNO Digital Bank concurs, highlighting how this perspective aligns with the company’s vision. “Our relationship with customers is expressed through the prism of five essential banking products: transaction, savings, loans, investment, and insurance,” he said.

Recently, the bank launched a few variations of personal loan products that help bridge the formal credit gap across salaried, professionals and MSME segments, with a focus on expanding the reach.

According to Anand Kumar, co-founder at Gateway Partners, the investment will help in efforts to transform the digital financial space in the Philippines and drive financial inclusion. He emphasised that Gateway Partners’ support is aligned with their mission to invest in fast-growing sectors in emerging markets, saying: “We are excited to be part of UNO’s journey and to back the founders and their experienced management team who have built a solid foundation over the past 15 months.”

Omar Mahmoud, managing director of Creador Private Equity said, he warmly welcomes this renewed partnership and supports the vision of giving every Filipino access to formal financial services. “Our investment in UNO Digital Bank provides a large underbanked population with a safe place to manage their finances through the simplicity of a single digital platform,” he said.

Nextinfinity Management is impressed with UNO Digital Bank’s growth in such a short time, stating that they are supporting UNO Digital Bank’s highly accomplished management team to create the leading digital banking and financial platform in the Philippines and are delighted to support the company, along with Creador and Gateway Partners, in this endeavour.

Re-disseminated by The Asian Banker