Singapore’s UNOAsia raises funds ahead of digital bank full launch

Singapore-based fintech company UNOAsia, the primary incorporator of UNO Digital Bank in the Philippines, has secured $11 million in a pre-Series A round.

UNO Digital Bank CEO Manish Bhai

The funding was led by the firm’s largest investor, Creador Private Equity, which has already invested a total of $21 million and has plans to increase this further.

It brings UNOAsia’s total funds raised to date to $44.5 million in its pre-seed, seed and pre-Series A rounds, which includes drawn-down capital of $34 million, the firm says.

Manish Bhai, CEO of UNO Digital Bank, says: “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’.”

Omar Mahmoud, managing director at Creador, says that its investment will allow the promotion of financial inclusion in a country like the Philippines, where “only 10% are borrowing from the organised sector”. Mahmoud adds that from the 70 million adult population in the country, about 45 million are underbanked with limited access to financial services.

UNOAsia claims it has strategic plans to create a regional business, expanding beyond the Philippines over the next few years.

UNO Digital Bank is a credit-led digital bank licensed under the Bangko Sentral ng Pilipinas (BSP) Digital Banking License framework. It allows Filipinos to save, borrow, transact, invest money and manage finances through one app.