Singapore-based fintech UNOAsia, the primary incorporator of UNO Digital Bank in the Philippines, has raised $32.1 million in a pre-Series B funding round as it inches closer to profitability in 2024.
Consisting of both equity and debt, the investment saw participation from asset manager Nextinfinity Management, Malaysian venture capital firm Creador Private Equity, and investment manager Gateway Partners.
The round brings the total amount raised by the fintech to approximately $75 million, a figure that includes its previously announced $11 million pre-Series A funding, and its largely Creador-backed $33.5 million pre-seed and seed rounds of 2022.
UNOAsia expects to leverage its latest capital injection to scale the offerings of UNO Digital Bank, which went live in H2 2022 after receiving a licence from the Philippine regulator Bangko Sentral ng Pilipinas (BSP).
This scaling will largely be applied to the launch of consumer durable loans, set to arrive within the next couple of months, as well as expansions to its insurance and business offerings, which join its current provision of time deposits and savings accounts.
Altogether, these efforts will mark UNOAsia’s hot pursuit of profitability for its digital challenger in the year ahead, projecting a doubling of its user base, which currently counts 1 million customers with $100 million in deposits, according to sources at Tech in Asia.
Source: Fintech Futures
