Singapore’s UnoAsia Boosts Uno Digital Bank in the Philippines with $32.1 Million Investment

Singapore-based UnoAsia, the parent company of Uno Digital Bank in the Philippines, has completed a pre-Series B funding round, securing $32.1 million in investment. The funding, comprising equity and debt, was led by Gateway Partners, Creador Private Equity, and Nextinfinity Management. With this latest round, UnoAsia has raised approximately $75 million. 

This funding injection will fuel UnoAsia’s efforts to expand the presence of Uno Digital Bank in the Philippines and accelerate its investments in technology. UnoAsia aims to leverage this capital to enhance the digital banking experience for its customers while driving innovation and growth in the fintech sector.

Following its recent funding round, Uno Digital Bank is now prioritizing profitability for the year 2024, according to CEO Manish Bhai. The bank focuses on scaling its existing product lineup and introducing new offerings. It has rapidly gained traction since its commercial launch, attracting one million customers and accumulating $100 million in deposits within fifteen months. 

CEO Manish Bhai emphasized the importance of the bank’s relationship with its customers, highlighting five essential banking products: transactions, savings, loans, investment, and insurance. The recent launch of various personal loan products aims to address formal credit gaps across different segments, further expanding the bank’s reach and impact in the Philippines’ financial landscape.

Established in 2020 by Manish Bhai, Puneet Gupta, and Kalidas Ghose, UnoAsia launched Uno Digital Bank about 15 months ago. It is a digital bank licensed under the Digital Banking License framework issued by the Bangko Sentral ng Pilipinas (BSP) in the Philippines. The digital bank offers various financial services, including savings, transactions, investment products, and insurance. 

UnoAsia aims to capitalize on the growing bankable population in the Philippines, projected to reach 85 million by 2030, representing a 30% increase from 2022. 

Uno Digital Bank is a credit-led digital bank that helps individuals handle various financial tasks, including saving, borrowing, transacting, and investing, all within a single mobile application. 

By leveraging the BSP’s Digital Banking License framework, the digital bank provides a convenient and user-friendly platform for Filipinos to manage their finances seamlessly. 

With its suite of banking products and services, Uno Digital Bank seeks to address the evolving financial needs of Filipino consumers, providing convenient and accessible banking solutions through its digital platform. 

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