UNOAsia raises P2.5B in funding series

UNO Digital Bank (UNOBank) parent company, Singapore-headquartered financial technology company UNOAsia Pte. Ltd. (UNOAsia), raised a total of P2.5 billion ($44.5 million) in a series of fundings, including pre-seed, seed, and pre-Series A rounds, and a drawn-down capital of $34 million.

UNOAsia’s latest pre-Series A round netted P612 million ($11 million), led by Creador Private Equity (Creador). Creador has already invested a total of $21m and has plans to increase this further, making it UNOAsia’s largest investor.

Manish Bhai, UNOBank CEO, said, “The pre-Series A round led by Creador reflects continued investor confidence in our digital bank. The additional capital will help us further invest in supporting our growth and seeing us through the commercial launch of UNO Digital Bank, which is now a live operating bank under closed-loop ‘beta.'”

UNOBank is a digital bank licensed under the Bangko Sentral ng Pilipinas’ Digital Banking License framework.

Creador Private Equity managing director Omar Mahmoud added, “It is estimated out of the Philippines’ 70 million adult population. About 45 million are underbanked, which limits their access to financial services and the assistance they need to purchase homes, further their education, reduce their debt, invest in businesses, and ultimately improve their lives. Our investment in UNOAsia will allow us to promote financial inclusion in a country where only 10 percent borrows from the organized sector, which would positively impact millions of Filipinos and the broader community.”

“Equally, we are excited to back Manish Bhai and Kalidas Ghose, the highly experienced founders of UNOAsia, along with their team, who have rapidly created an intelligent and responsive banking platform that will serve those seeking a digital banking experience in the Philippines,” Mahmoud said.

The investors of UNOAsia include founders Manish Bhai and Kalidas Ghose, Creador Private Equity, marquee investors Akash Bhanshali (Payash Securities), Samir Arora (Helios Capital), and other senior investors from the banking and financial sectors.

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

UNO Digital Bank is a full-spectrum credit-led digital bank licensed under the Digital Banking License framework promulgated by the Bangko Sentral ng Pilipinas (BSP) in the Philippines.

With UNO Digital Bank, Filipinos can use one trusted app to save, borrow, transact, invest, and protect their money; to manage their finances with speed and ease.

Leave a Reply

Your email address will not be published. Required fields are marked *