Neobank Crowdo bags $5.9m to finance ESG-driven expansion

Singapore ESG-driven neobank Crowdo announced raising $5.9 million in its pre-Series B bridge funding round that will finance its ESG-driven expansion.

Existing shareholders Gobi Partners and iVest Capital Pte Ltd, a Southeast Asia-focused family office, co-led the conversion round. SEEDS Capital, Enterprise Singapore’s investment arm, also participated in the round.

WLB4Climate, the fourth issue in the groundbreaking Women’s Livelihood BondTM Series, was also offered by Impact Investment Exchange Pte Ltd (IIX), a pioneer in impact investing and a global leader in sustainability.

Crowdo’s neobank platform in Singapore and Indonesia will be expanded, and its ESG finance portfolio will be scaled.

Leo Shimada, Co-Founder and Group of CEO of Crowdo said in a statement that they welcome SEEDS Capital and IIX as their new partners and extend their greatest appreciation to their existing shareholders for their support.

“We have proven ourselves to be one of the most innovative and capital-efficient neobanks in the industry by transforming our S$1.4 million Series A into our A$100 million in disbursements to SMEs, x5 monthly revenue growth just during a 2021, a profitable business, and the development of an end-to-end core neo banking system,” Shimada added.

He emphasized that they are confident that this new round of fundraising will accelerate Crowdo’s ascension to new heights as a neobank market leader.

Existing partners from iVest Capital and Gobi Partners lauded Crowdo with the recent investment adding that they are excited with their new journey.

Rober Kraybill, managing director, portfolio management and chief investment officer of IIX, said they commend Crowdo for committing to increasing the amount of funding they provide in support of sustainable livelihoods for women.

Crowdo provides two creative and straightforward solutions to its SME clients to help them expand their company.

A Singapore-based company that strives to be Indonesia’s premier ESG-driven neobank for SMEs, Crowdo is fully licensed by the Otoritas Jasa Keuangan (OJK) for digital lending since 2017, registered with the Securities Commission Malaysia.