Singapore-headquartered fintech firm UNOAsia Pte Ltd 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 to accelerate its investments in pioneering technology, UNOAsia said in a statement on Tuesday.

“In just fifteen 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,” said Manish Bhai, Chief Executive Officer of UNO Digital Bank.

Kalidas Ghose, Chairman of UNO Digital Bank, concurred that their relationship with customers is expressed through the prism of five essential banking products: transaction, savings, loans, investment, and Insurance.

It is noted that recently, the bank launched a few variations of Personal loan products that help bridge the formal credit gap across salaried, professionals and micro, small and medium enterprises (MSME) segments, with a focus on expanding the reach.

The investment will help in efforts to transform the digital financial space in the Philippines and drive financial inclusion, according to Anand Kumar, Co-founder at Gateway Partners.

He emphasizes that Gateway Partners’ support is aligned with their mission to invest in fast growing sectors in emerging markets.

“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,” he said.

Meanwhile, 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 added.

Nextinfinity Management is also impressed with UNO Digital Bank’s growth in such a short span of 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 endeavor.

UNOAsia is one of the primary incorporators of UNO Digital Bank. The company plans to expand it’s digital bank platform across key markets in South and South East Asia.

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.

UNO Digital Bank partners with Collabera Digital to enable seamless integration with GCash