Singapore-headquartered FinTech UNOAsia Pte. Ltd. (UNOAsia), the primary incorporator of UNO Digital Bank in the Philippines, has secured $11 million in a pre-Series A round led by Creador Private Equity (Creador). Creador has already invested a total of $21 million and has plans to increase this further, making it UNOAsia’s largest investor.
To date, UNOAsia has secured $44.5 million in investment in its pre-seed, seed, and pre-Series A rounds, which includes drawn-down capital of $34 million.
Uno Digital Bank (UNObank, Inc.) is a digital bank licensed under the Bangko Sentral ng Pilipinas’ Digital Banking License framework.
“The pre-Series A round led by Creador reflects continued investor confidence in our digital bank. 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’,” said Manish Bhai, Chief Executive Officer of UNO Digital Bank.
“It is estimated that 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,” said Omar Mahmoud, Managing Director of Creador Private Equity.
“Our investment in UNOAsia will allow us to promote financial inclusion in a country where only 10 percent are borrowing from the organized sector, which in turn would make a positive impact on 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 very rapidly created an intelligent and responsive banking platform that will serve those seeking a digital banking experience in the Philippines,” added Mahmoud.
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 ultimately create a regional business, expanding beyond the Philippines over the next few years.