UNOAsia Pte Ltd, the primary incorporator of UNO Digital Bank in the Philippines, has secured US$11 million (RM48.9 million) in a pre-Series A round led by Creador Private Equity. UNOAsia one of six licensed digital banks in the Philippines. To date, UNOAsia has secured US$44.5 million in investment in its pre-seed, seed, and pre-Series A rounds, which includes drawn-down capital of US$34 million. The additional capital will help to further invest to support growth, as well as see through the commercial launch of UNO Digital Bank, which is now a live operating bank under closed loop ‘beta’.”
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 improve their lives. Its investment in UNOAsia will allow Creador to promote financial inclusion in a country where only 10% are borrowing from the organized sector. UNOAsia has plans to create a regional business, expanding beyond the Philippines over the next few years.